Intrepid Capital Management Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Intrepid Capital Management Inc. reported 101 stock positions worth $165.3 million. Its top holding was Dimensional US High Profi Et (DUHP) at 8.6% of the portfolio, followed by Chicago Atlantic BDC (LIEN, 5.2%) and Berkshire Hathaway Class B (BRK.B, 4.2%). Compared with Q4 2024, it opened 11 new positions, sold out of 12, added to 47 and reduced 21. The biggest buy was a new position in Philip Morris International (PM) and the biggest sale Chicago Atlantic Real Estate (REFI, shares −70%).

Most Recent 13F
Q2 2026
Location
JACKSONVILLE BEACH, FL
CIK
0001092838
Portfolio Value
$165.3M (Q1 2025)
SEC Filing
0001092838-25-000002 ↗ filed May 15, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $154.3M Q1 2024 Q2 2024: $157.1M Q2 2024 Q3 2024: $180.3M Q3 2024 Q4 2024: $158.8M Q4 2024 Q1 2025: $165.3M $165.3M Q1 2025 Q2 2025: $190.0M Q2 2025 Q3 2025: $204.4M Q3 2025 Q4 2025: $207.4M Q4 2025 Q1 2026: $212.3M Q1 2026 Q2 2026: $237.8M Q2 2026

Holdings 101 stocks · $165.3M
DUHP Dimensional US High Profi Et 8.60% 428,778 $14.2M Add +11.6%
LIEN Chicago Atlantic BDC Inc. 5.17% 756,185 $8.5M No change
BRK.B Berkshire Hathaway Inc. Class B 4.24% 13,172 $7.0M Add +5.4%
CEF Sprott Physical Gold and Sil 4.00% 232,550 $6.6M Reduce -0.1%
GOOGL Alphabet Inc. Class A 3.27% 34,926 $5.4M Add +3.1%
JUCY Aptus Enhanced Yield ETF 3.02% 218,314 $5.0M Reduce -22.7%
FRPH FRP Holdings Inc. filed as FRP HLDGS INC 2.91% 168,111 $4.8M Reduce -14.0%
IAU iShares Gold Trust 2.65% 74,400 $4.4M Add +10.1%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 2.25% 52,324 $3.7M Add +1.8%
LLYVA Liberty Media Corp.-Liberty-A 2.02% 49,719 $3.3M Add +1.7%
REFI Chicago Atlantic Real Estate 1.92% 215,712 $3.2M Reduce -69.7%
SKX Skechers USA Inc. Class A 1.91% 55,465 $3.1M Reduce -1.0%
PM Philip Morris International 1.80% 18,716 $3.0M New
CPRT Copart Inc. 1.78% 52,038 $2.9M Add +0.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.74% 23,638 $2.9M Reduce -5.0%
HHH Howard Hughes Holdings Inc. 1.67% 37,232 $2.8M Add +10.6%
GRMN Garmin Ltd. 1.64% 12,458 $2.7M Reduce -1.0%
AAPL Apple Inc. 1.62% 12,026 $2.7M Add +50.6%
TTWO Take-Two Interactive Softwre 1.55% 12,342 $2.6M Add +2.3%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 1.50% 21,725 $2.5M Reduce -1.8%
VVV Valvoline Inc. 1.37% 65,068 $2.3M Reduce -1.8%
MKL Markel Group Inc. 1.36% 1,199 $2.2M Add +1.4%
WSO Watsco Inc. 1.34% 4,362 $2.2M Add +492.7%
MTCH Match Group Inc. 1.31% 69,344 $2.2M Add +0.7%
PPLI People Inc. filed as IAC INC 1.30% 46,894 $2.2M New
DLTR Dollar Tree Inc. 1.30% 28,637 $2.1M Add +6.0%
AYI Acuity Inc. 1.30% 8,153 $2.1M Add +388.8%
JEF Jefferies Financial Group Inc. 1.26% 39,025 $2.1M Reduce -9.0%
NVDA Nvidia Corp. 1.26% 19,266 $2.1M Add +204.6%
GMED Globus Medical Inc. Class A 1.26% 28,509 $2.1M No change
FN Fabrinet 1.26% 10,539 $2.1M Reduce -1.6%
AMZN Amazon.com Inc. 1.24% 10,771 $2.0M Add +24.3%
MSFT Microsoft Corp. 1.19% 5,220 $2.0M Add +15.8%
SSNC Ss&c Technologies Holdings 1.16% 22,924 $1.9M New
JNJ Johnson & Johnson 1.10% 10,975 $1.8M Add +33.9%
SII Sprott Inc. 1.10% 40,487 $1.8M Add +1.6%
DIHP Dimensional International Hi 1.08% 66,262 $1.8M Add +11.1%
FCX Freeport-McMoran Inc. 1.04% 45,487 $1.7M Add +24.1%
BATRK Atlanta Braves Holdings in-C 1.03% 42,496 $1.7M New
WMT Walmart Inc. 0.98% 18,528 $1.6M Add +24.3%
LEVI Levi Strauss & Co. Class A 0.98% 104,152 $1.6M Add +5.4%
DBX Dropbox Inc. Class A 0.98% 60,370 $1.6M Reduce -2.5%
CIVI Civitas Resources Inc. 0.96% 45,641 $1.6M Add +1.5%
QQQ Invesco QQQ Trust Series 1 0.86% 3,024 $1.4M Add +1.0%
SCHX Schwab US Large-Cap ETF 0.85% 63,525 $1.4M Add +0.3%
LMT Lockheed Martin Corp. 0.82% 3,017 $1.3M Add +54.2%
PII Polaris Inc. 0.74% 30,010 $1.2M New
AMD Advanced Micro Devices 0.66% 10,583 $1.1M Add +53.1%
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 0.64% 17,286 $1.1M No change
RITM Rithm Capital Corp. 0.57% 82,404 $944K Reduce -2.0%
AMGN Amgen Inc. 0.57% 3,025 $943K Add +37.1%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.55% 10,826 $908K No change
TSLA Tesla Inc. 0.49% 3,154 $817K Add +207.7%
CG The Carlyle Group Inc. 0.48% 18,192 $793K Add +15.6%
REG Regency Centers Corp. 0.46% 10,290 $759K No change
SMPL The Simply Good Foods Co. 0.45% 21,774 $751K Reduce -2.3%
NKE Nike Inc. Class B 0.45% 11,680 $741K Add +72.8%
PLTR Palantir Technologies Inc. Class A 0.42% 8,262 $697K Reduce -59.9%
T AT&T Inc. 0.37% 21,535 $609K Add +19.2%
CSX CSX Corp. 0.36% 20,228 $595K No change
TOST Toast Inc. Class A 0.35% 17,573 $583K No change
CME Cme Group Inc. 0.35% 2,183 $579K No change
ABBV Abbvie Inc. 0.33% 2,621 $549K Add +58.7%
BGC BGC Group Inc. Class A 0.32% 57,393 $526K No change
JPM JPMorgan Chase & Co. 0.32% 2,125 $521K Add +60.0%
LYB Lyondellbasell Indu Class A 0.30% 6,994 $492K Add +59.1%
GOOG Alphabet Inc. Class C 0.29% 3,049 $476K New
ARCC Ares Capital Corp. 0.28% 20,959 $464K Add +3.7%
DGRO iShares Core Dividend Growth 0.28% 7,479 $462K No change
AGG iShares Core U.S. Aggregate 0.27% 4,442 $439K New
META Meta Platforms Inc. Class A 0.26% 749 $432K Add +12.5%
IWY iShares Russell Top 200 Grow 0.24% 1,870 $394K No change
HD Home Depot Inc. 0.23% 1,029 $377K Add +88.8%
NEE Nextera Energy Inc. 0.22% 5,136 $364K Add +0.0%
XLV SS Health Care Select Sector 0.21% 2,425 $354K No change
VZ Verizon Communications Inc. 0.21% 7,787 $353K Add +7.9%
APD Air Products & Chemicals Inc. 0.20% 1,127 $333K Add +45.0%
NMRK Newmark Group Inc. Class A 0.20% 26,625 $324K No change
MAIN Main Street Capital Corp. 0.17% 5,000 $283K No change
IVV iShares Core S&P 500 ETF 0.16% 481 $270K Reduce -6.6%
MPLX MPLX LP 0.16% 5,000 $268K No change
PWR Quanta Services Inc. 0.16% 1,031 $262K New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.16% 750 $259K New
GLD SPDR Gold Shares 0.16% 891 $257K New
KMI Kinder Morgan Inc. 0.15% 8,961 $256K Add +11.6%
MO Altria Group Inc. 0.15% 4,250 $255K Add +6.3%
CAT Caterpillar Inc. 0.15% 763 $252K No change
ENB Enbridge Inc. 0.15% 5,532 $245K No change
COST Costco Wholesale Corp. 0.15% 258 $244K No change
MA Mastercard Inc. Class A 0.14% 428 $235K Add +4.7%
EPD Enterprise Products Partners 0.14% 6,653 $227K No change
PG The Procter & Gamble Co. 0.13% 1,300 $222K Reduce -12.2%
AWI Armstrong World Industries 0.13% 1,517 $214K Reduce -11.7%
DFAS Dimensional US Small Cap ETF 0.13% 3,539 $211K Add +0.1%
XLK SS Technology Select Sector 0.13% 1,001 $207K Reduce -50.5%
COP Conocophillips 0.12% 1,923 $202K New
ACN Accenture PLC Class A 0.12% 642 $200K Reduce -71.0%
OPK Opko Health Inc. 0.10% 100,000 $166K No change
MSOS Advisorshares Pure US Cann 0.07% 42,750 $112K Reduce -12.3%
PUBM Pubmatic Inc. Class A 0.06% 10,000 $91K No change

Show all 101 holdings

Other holdings (5): bonds, preferreds, convertibles and warrants · $40.6M (not counted above)
SecurityClassShares / PrincipalValueChange
THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal 18,963,000$14.7MAdd +16.0%
GREEN PLAINS INC (GPRE 2.25 03/15/27) NOTE 2.250% 3/1 · principal 16,500,000$13.7MNew
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal 7,110,000$7.0MAdd +73.0%
THE REALREAL INC (REAL 3 06/15/25) NOTE 3.000% 6/1 · principal 3,146,000$3.1MNo change
CTO REALTY GROWTH INC (CTO 3.875 04/15/25 *) NOTE 3.875% 4/1 · principal 1,496,000$2.1MNew

Total filed on the 13F, all lines: $205.9M.

Portfolio Sells Q4 2024 → Q1 2025
REFI Chicago Atlantic Real Estate Reduce -69.7% 1.92% −4.99
CTO REALTY GROWTH INC (CTO 3.875 04/15/25 *) Sold out 0.00% −1.33
JUCY Aptus Enhanced Yield ETF Reduce -22.7% 3.02% −1.03
FRPH FRP Holdings Inc. Reduce -14.0% 2.91% −0.86
JEF Jefferies Financial Group Inc. Reduce -9.0% 1.26% −0.85
PLTR Palantir Technologies Inc. Class A Reduce -59.9% 0.42% −0.56
SKX Skechers USA Inc. Class A Reduce -1.0% 1.91% −0.47
ACN Accenture PLC Class A Reduce -71.0% 0.12% −0.37
ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −0.33
AFCG Advanced Flower Capital Inc. Sold out 0.00% −0.26
AVGO Broadcom Inc. Sold out 0.00% −0.26
FN Fabrinet Reduce -1.6% 1.26% −0.22
DBX Dropbox Inc. Class A Reduce -2.5% 0.98% −0.20
UNH Unitedhealth Group Inc. Sold out 0.00% −0.18
XLK SS Technology Select Sector Reduce -50.5% 0.13% −0.17
IBM Intl Business Machines Corp. Sold out 0.00% −0.16
FC Franklin Covey Co. Sold out 0.00% −0.15
TJX TJX Companies Inc. Reduce -5.0% 1.74% −0.15
VVV Valvoline Inc. Reduce -1.8% 1.37% −0.14
TT Trane Technologies PLC Sold out 0.00% −0.13
CVX Chevron Corp. Sold out 0.00% −0.13
PKE Park Aerospace Corp. Sold out 0.00% −0.10
SMPL The Simply Good Foods Co. Reduce -2.3% 0.45% −0.09
CNDT Conduent Inc. Sold out 0.00% −0.06
MSOS Advisorshares Pure US Cann Reduce -12.3% 0.07% −0.05
PAGS Pagseguro Digital Ltd. Class A Sold out 0.00% −0.05
IVV iShares Core S&P 500 ETF Reduce -6.6% 0.16% −0.03
AWI Armstrong World Industries Reduce -11.7% 0.13% −0.02
PG The Procter & Gamble Co. Reduce -12.2% 0.13% −0.02
RITM Rithm Capital Corp. Reduce -2.0% 0.57% −0.00
GRMN Garmin Ltd. Reduce -1.0% 1.64% +0.00
BJ Bj's Wholesale Club Holdings Reduce -1.8% 1.50% +0.26
CEF Sprott Physical Gold and Sil Reduce -0.1% 4.00% +0.52

Portfolio Buys Q4 2024 → Q1 2025
PM Philip Morris International New 1.80% +1.80
PPLI People Inc. New 1.30% +1.30
SSNC Ss&c Technologies Holdings New 1.16% +1.16
WSO Watsco Inc. Add +492.7% 1.34% +1.12
BATRK Atlanta Braves Holdings in-C New 1.03% +1.03
AYI Acuity Inc. Add +388.8% 1.30% +0.99
PII Polaris Inc. New 0.74% +0.74
NVDA Nvidia Corp. Add +204.6% 1.26% +0.73
BRK.B Berkshire Hathaway Inc. Class B Add +5.4% 4.24% +0.68
IAU iShares Gold Trust Add +10.1% 2.65% +0.55
DUHP Dimensional US High Profi Et Add +11.6% 8.60% +0.42
WRB WR Berkley Corp. Add +1.8% 2.25% +0.36
AAPL Apple Inc. Add +50.6% 1.62% +0.36
JNJ Johnson & Johnson Add +33.9% 1.10% +0.35
GOOG Alphabet Inc. Class C New 0.29% +0.29
AGG iShares Core U.S. Aggregate New 0.27% +0.27
TSLA Tesla Inc. Add +207.7% 0.49% +0.23
LMT Lockheed Martin Corp. Add +54.2% 0.82% +0.22
AMGN Amgen Inc. Add +37.1% 0.57% +0.21
FCX Freeport-McMoran Inc. Add +24.1% 1.04% +0.16
PWR Quanta Services Inc. New 0.16% +0.16
AJG Arthur J Gallagher & Co. New 0.16% +0.16
GLD SPDR Gold Shares New 0.16% +0.16
TTWO Take-Two Interactive Softwre Add +2.3% 1.55% +0.15
ABBV Abbvie Inc. Add +58.7% 0.33% +0.15
WMT Walmart Inc. Add +24.3% 0.98% +0.14
DIHP Dimensional International Hi Add +11.1% 1.08% +0.13
AMD Advanced Micro Devices Add +53.1% 0.66% +0.13
NKE Nike Inc. Class B Add +72.8% 0.45% +0.13
COP Conocophillips New 0.12% +0.12
JPM JPMorgan Chase & Co. Add +60.0% 0.32% +0.11
T AT&T Inc. Add +19.2% 0.37% +0.11
HD Home Depot Inc. Add +88.8% 0.23% +0.09
LYB Lyondellbasell Indu Class A Add +59.1% 0.30% +0.09
MKL Markel Group Inc. Add +1.4% 1.36% +0.07
APD Air Products & Chemicals Inc. Add +45.0% 0.20% +0.06
AMZN Amazon.com Inc. Add +24.3% 1.24% +0.04
SII Sprott Inc. Add +1.6% 1.10% +0.04
HHH Howard Hughes Holdings Inc. Add +10.6% 1.67% +0.04
VZ Verizon Communications Inc. Add +7.9% 0.21% +0.03
DLTR Dollar Tree Inc. Add +6.0% 1.30% +0.03
MO Altria Group Inc. Add +6.3% 0.15% +0.02
KMI Kinder Morgan Inc. Add +11.6% 0.15% +0.02
META Meta Platforms Inc. Class A Add +12.5% 0.26% +0.02
MA Mastercard Inc. Class A Add +4.7% 0.14% +0.01
ARCC Ares Capital Corp. Add +3.7% 0.28% +0.00
MSFT Microsoft Corp. Add +15.8% 1.19% −0.01
NEE Nextera Energy Inc. Add +0.0% 0.22% −0.01
DFAS Dimensional US Small Cap ETF Add +0.1% 0.13% −0.02
CG The Carlyle Group Inc. Add +15.6% 0.48% −0.02

Notes & Other Activity Q4 2024 → Q1 2025
GROUPON INC (GRPN 6.25 03/15/27 *) NOTE 6.250% 3/1 · principal Sold out 18,385,000 $17.7Mbefore exit
THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal Add +16.0% 18,963,000 $14.7M
GREEN PLAINS INC (GPRE 2.25 03/15/27) NOTE 2.250% 3/1 · principal New 16,500,000 $13.7M
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal Add +73.0% 7,110,000 $7.0M
CTO REALTY GROWTH INC (CTO 3.875 04/15/25 *) NOTE 3.875% 4/1 · principal New 1,496,000 $2.1M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 105$237.8MDUHP, GOOGL, CEF, BRK.B, LIEN
Q1 2026 102$212.3MDUHP, GOOGL, CEF, LIEN, IAU
Q4 2025 102$207.4MDUHP, GOOGL, CEF, LIEN, BRK.B
Q3 2025 105$204.4MDUHP, GOOGL, CEF, LIEN, BRK.B
Q2 2025 107$190.0MDUHP, LIEN, CEF, GOOGL, BRK.B
Q1 2025 101$165.3MDUHP, LIEN, BRK.B, CEF, GOOGL
Q4 2024 102$158.8MDUHP, REFI, LIEN, JUCY, GOOGL
Q3 2024 99$180.3MGROUPON INC (GRPN 1.125 03/15/26), DUHP, JUCY, CHEGG INC (CHGG 0.125 03/15/25), FRPH
Q2 2024 96$157.1MDUHP, GROUPON INC (GRPN 1.125 03/15/26), TURNING POINT BRANDS INC (TPB 2.5 07/15/24), JUCY, FRPH
Q1 2024 93$154.3MJUCY, DUHP, REFI, FRPH, BRK.B