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
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 |
| JOB Gee Group Inc. | 0.01% | 71,429 | $14K | No change |
Other holdings (5): bonds, preferreds, convertibles and warrants · $40.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| THE REALREAL INC (REAL 1 03/01/28) | NOTE 1.000% 3/0 · principal | 18,963,000 | $14.7M | Add +16.0% |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | 16,500,000 | $13.7M | New |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 7,110,000 | $7.0M | Add +73.0% |
| THE REALREAL INC (REAL 3 06/15/25) | NOTE 3.000% 6/1 · principal | 3,146,000 | $3.1M | No change |
| CTO REALTY GROWTH INC (CTO 3.875 04/15/25 *) | NOTE 3.875% 4/1 · principal | 1,496,000 | $2.1M | New |
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
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 105 | $237.8M | DUHP, GOOGL, CEF, BRK.B, LIEN |
| Q1 2026 | 102 | $212.3M | DUHP, GOOGL, CEF, LIEN, IAU |
| Q4 2025 | 102 | $207.4M | DUHP, GOOGL, CEF, LIEN, BRK.B |
| Q3 2025 | 105 | $204.4M | DUHP, GOOGL, CEF, LIEN, BRK.B |
| Q2 2025 | 107 | $190.0M | DUHP, LIEN, CEF, GOOGL, BRK.B |
| Q1 2025 | 101 | $165.3M | DUHP, LIEN, BRK.B, CEF, GOOGL |
| Q4 2024 | 102 | $158.8M | DUHP, REFI, LIEN, JUCY, GOOGL |
| Q3 2024 | 99 | $180.3M | GROUPON INC (GRPN 1.125 03/15/26), DUHP, JUCY, CHEGG INC (CHGG 0.125 03/15/25), FRPH |
| Q2 2024 | 96 | $157.1M | DUHP, GROUPON INC (GRPN 1.125 03/15/26), TURNING POINT BRANDS INC (TPB 2.5 07/15/24), JUCY, FRPH |
| Q1 2024 | 93 | $154.3M | JUCY, DUHP, REFI, FRPH, BRK.B |