Intrepid Capital Management Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Intrepid Capital Management Inc. reported 105 stock positions worth $204.4 million. Its top holding was Dimensional US High Profi Et (DUHP) at 8.4% of the portfolio, followed by Alphabet Class A (GOOGL, 4.5%) and Sprott Physical Gold and Sil (CEF, 4.1%). Compared with Q2 2025, it opened 7 new positions, sold out of 9, added to 22 and reduced 31. The biggest buy was a new position in Madison Square Garden Sports (MSGS) and the biggest sale an exit from Aptus Enhanced Yield ETF (JUCY).

Most Recent 13F
Q2 2026
Location
JACKSONVILLE BEACH, FL
CIK
0001092838
Portfolio Value
$204.4M (Q3 2025)
SEC Filing
0001092838-25-000005 ↗ filed Nov 13, 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 Q1 2025 Q2 2025: $190.0M Q2 2025 Q3 2025: $204.4M $204.4M Q3 2025 Q4 2025: $207.4M Q4 2025 Q1 2026: $212.3M Q1 2026 Q2 2026: $237.8M Q2 2026

Holdings 105 stocks · $204.4M
DUHP Dimensional US High Profi Et 8.42% 455,600 $17.2M Add +9.1%
GOOGL Alphabet Inc. Class A 4.47% 37,603 $9.1M Reduce -0.1%
CEF Sprott Physical Gold and Sil 4.05% 225,746 $8.3M Reduce -3.6%
LIEN Chicago Atlantic BDC Inc. 3.90% 759,303 $8.0M No change
BRK.B Berkshire Hathaway Inc. Class B 3.26% 13,237 $6.7M Add +1.7%
IAU iShares Gold Trust 2.66% 74,648 $5.4M No change
FN Fabrinet 2.19% 12,289 $4.5M No change
LLYVA Liberty Media Corp.-Liberty-A 2.13% 46,149 $4.4M No change
FRPH FRP Holdings Inc. filed as FRP HLDGS INC 2.10% 176,510 $4.3M Add +0.3%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 1.99% 53,097 $4.1M Reduce -0.1%
NVDA Nvidia Corp. 1.94% 21,244 $4.0M Reduce -1.0%
AGG iShares Core U.S. Aggregate 1.91% 38,954 $3.9M Add +36.3%
PM Philip Morris International 1.81% 22,846 $3.7M Add +5.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.69% 23,859 $3.4M Reduce -0.2%
DIHP Dimensional International Hi 1.68% 113,030 $3.4M Add +86.4%
SII Sprott Inc. 1.62% 39,752 $3.3M No change
HHH Howard Hughes Holdings Inc. 1.59% 39,656 $3.3M Add +1.8%
MSGS Madison Square Garden Sports 1.53% 13,734 $3.1M New
BATRK Atlanta Braves Holdings in-C 1.52% 74,786 $3.1M Reduce -0.1%
TTWO Take-Two Interactive Softwre 1.52% 11,989 $3.1M No change
MSFT Microsoft Corp. 1.51% 5,941 $3.1M Reduce -2.0%
QQQ Invesco QQQ Trust Series 1 1.47% 5,002 $3.0M Add +37.6%
FWONK Liberty Media Corp. Class C 1.47% 28,679 $3.0M Add +36.9%
MTCH Match Group Inc. 1.44% 83,499 $2.9M Reduce -0.1%
GRMN Garmin Ltd. 1.43% 11,885 $2.9M No change
MKL Markel Group Inc. 1.40% 1,493 $2.9M Add +29.3%
AAPL Apple Inc. 1.39% 11,123 $2.8M Reduce -1.2%
AYI Acuity Inc. 1.38% 8,205 $2.8M No change
DLTR Dollar Tree Inc. 1.35% 29,214 $2.8M Reduce -0.1%
REFI Chicago Atlantic Real Estate 1.34% 214,827 $2.7M No change
GRBK Green Brick Partners Inc. 1.22% 33,800 $2.5M No change
JNJ Johnson & Johnson 1.16% 12,785 $2.4M Add +0.4%
JEF Jefferies Financial Group Inc. 1.15% 36,012 $2.4M No change
CPRT Copart Inc. 1.14% 51,758 $2.3M No change
AMZN Amazon.com Inc. 1.13% 10,489 $2.3M Reduce -4.3%
LEVI Levi Strauss & Co. Class A 1.12% 97,860 $2.3M No change
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 1.11% 24,320 $2.3M No change
SSNC Ss&c Technologies Holdings 1.10% 25,381 $2.3M No change
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 1.07% 28,601 $2.2M Reduce -23.4%
SMG Scotts Miracle-Gro Co. 0.97% 34,942 $2.0M No change
WMT Walmart Inc. 0.96% 19,007 $2.0M Reduce -1.3%
ABNB Airbnb Inc. Class A 0.94% 15,815 $1.9M No change
AMD Advanced Micro Devices 0.94% 11,810 $1.9M Reduce -3.2%
PPLI People Inc. filed as IAC INC 0.92% 55,290 $1.9M No change
PII Polaris Inc. 0.90% 31,706 $1.8M Reduce -0.3%
WSO Watsco Inc. 0.84% 4,266 $1.7M No change
SCHX Schwab US Large-Cap ETF 0.82% 63,563 $1.7M Add +0.0%
DBX Dropbox Inc. Class A 0.81% 54,925 $1.7M No change
GMED Globus Medical Inc. Class A 0.80% 28,509 $1.6M No change
TSLA Tesla Inc. 0.78% 3,602 $1.6M Reduce -3.1%
LMT Lockheed Martin Corp. 0.78% 3,178 $1.6M Reduce -1.5%
FCX Freeport-McMoran Inc. 0.73% 37,890 $1.5M Reduce -24.0%
AMGN Amgen Inc. 0.58% 4,173 $1.2M Add +19.5%
PLTR Palantir Technologies Inc. Class A 0.57% 6,413 $1.2M Reduce -3.0%
CG The Carlyle Group Inc. 0.57% 18,585 $1.2M Reduce -3.4%
CBOE Cboe Global Markets Inc. 0.57% 4,716 $1.2M No change
SPOT Spotify Technology SA 0.53% 1,564 $1.1M Add +24.8%
NKE Nike Inc. Class B 0.44% 12,939 $902K Add +3.9%
NEE Nextera Energy Inc. 0.40% 10,747 $811K Reduce -1.0%
T AT&T Inc. 0.39% 27,994 $791K Add +5.5%
GOOG Alphabet Inc. Class C 0.38% 3,149 $767K No change
REG Regency Centers Corp. 0.37% 10,290 $750K No change
VVV Valvoline Inc. 0.36% 20,308 $729K No change
WM Waste Management Inc. 0.35% 3,271 $722K New
JPM JPMorgan Chase & Co. 0.35% 2,265 $714K Add +3.4%
ABBV Abbvie Inc. 0.34% 2,983 $691K Add +11.4%
TOST Toast Inc. Class A 0.30% 16,643 $608K Reduce -6.5%
XLV SS Health Care Select Sector 0.30% 4,363 $607K Add +79.9%
CME Cme Group Inc. 0.29% 2,183 $590K No change
META Meta Platforms Inc. Class A 0.28% 774 $568K Reduce -2.1%
DGRO iShares Core Dividend Growth 0.25% 7,479 $509K No change
XLK SS Technology Select Sector 0.24% 1,764 $497K New
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.24% 4,518 $492K Reduce -51.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.22% 1,622 $458K Reduce -4.9%
HD Home Depot Inc. 0.22% 1,114 $451K Add +6.7%
ARCC Ares Capital Corp. 0.21% 20,959 $428K No change
PWR Quanta Services Inc. 0.21% 1,031 $427K No change
CAT Caterpillar Inc. 0.18% 763 $364K No change
GLD SPDR Gold Shares 0.17% 1,006 $358K Reduce -3.4%
ONIT Onity Group Inc. 0.16% 8,338 $333K No change
IVV iShares Core S&P 500 ETF 0.16% 479 $321K No change
MAIN Main Street Capital Corp. 0.16% 5,000 $318K No change
APD Air Products & Chemicals Inc. 0.15% 1,142 $311K Reduce -2.0%
KMI Kinder Morgan Inc. 0.15% 10,992 $311K Add +22.5%
CSX CSX Corp. 0.15% 8,738 $310K No change
XLF SS Financial Select Sector 0.15% 5,749 $310K New
IWY iShares Russell Top 200 Grow 0.14% 1,064 $291K No change
ENB Enbridge Inc. 0.14% 5,532 $279K No change
CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP 0.13% 28,613 $272K No change
MO Altria Group Inc. 0.13% 4,000 $264K Reduce -5.9%
COST Costco Wholesale Corp. 0.13% 284 $263K No change
MPLX MPLX LP 0.12% 5,000 $250K No change
MA Mastercard Inc. Class A 0.12% 428 $244K No change
TRIP Tripadvisor Inc. 0.12% 14,784 $240K No change
LDRX Sgi Enhanced Market Lea ETF 0.11% 7,268 $232K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.11% 750 $232K No change
TT Trane Technologies PLC 0.11% 525 $222K Reduce -8.1%
PG The Procter & Gamble Co. 0.10% 1,397 $215K Reduce -9.4%
KO The Coca-Cola Co. 0.10% 3,224 $214K Add +0.6%
EPD Enterprise Products Partners 0.10% 6,653 $208K No change

Show all 105 holdings

Other holdings (4): bonds, preferreds, convertibles and warrants · $49.6M (not counted above)
SecurityClassShares / PrincipalValueChange
GREEN PLAINS INC (GPRE 2.25 03/15/27) NOTE 2.250% 3/1 · principal 27,400,000$26.2MAdd +3.8%
PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal 9,000,000$9.3MNo change
GROUPON INC (GRPN 4.875 06/30/30 UNRS) NOTE 4.875% 6/3 · principal 7,750,000$7.1MNew
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal 7,110,000$7.1MNo change

Total filed on the 13F, all lines: $254.0M.

Portfolio Sells Q2 2025 → Q3 2025
JUCY Aptus Enhanced Yield ETF Sold out 0.00% −2.28
SKX Skechers USA Inc. Class A Sold out 0.00% −1.86
CIVI Civitas Resources Inc. Sold out 0.00% −0.65
FCX Freeport-McMoran Inc. Reduce -24.0% 0.73% −0.41
BATRK Atlanta Braves Holdings in-C Reduce -0.1% 1.52% −0.32
LYB Lyondellbasell Indu Class A Sold out 0.00% −0.21
BNY Bank of New York Mellon Corp. Reduce -51.6% 0.24% −0.21
DLTR Dollar Tree Inc. Reduce -0.1% 1.35% −0.18
WNS WNS Holdings Ltd. Reduce -23.4% 1.07% −0.18
AMZN Amazon.com Inc. Reduce -4.3% 1.13% −0.14
TOST Toast Inc. Class A Reduce -6.5% 0.30% −0.12
VZ Verizon Communications Inc. Sold out 0.00% −0.11
CSCO Cisco Systems Inc. Sold out 0.00% −0.11
MSFT Microsoft Corp. Reduce -2.0% 1.51% −0.08
OPK Opko Health Inc. Sold out 0.00% −0.07
PUBM Pubmatic Inc. Class A Sold out 0.00% −0.07
WRB WR Berkley Corp. Reduce -0.1% 1.99% −0.06
SEED Origin Agritech Ltd. Sold out 0.00% −0.05
IBM Intl Business Machines Corp. Reduce -4.9% 0.22% −0.04
WMT Walmart Inc. Reduce -1.3% 0.96% −0.03
META Meta Platforms Inc. Class A Reduce -2.1% 0.28% −0.03
PG The Procter & Gamble Co. Reduce -9.4% 0.10% −0.02
TT Trane Technologies PLC Reduce -8.1% 0.11% −0.02
APD Air Products & Chemicals Inc. Reduce -2.0% 0.15% −0.02
LMT Lockheed Martin Corp. Reduce -1.5% 0.78% −0.01
MO Altria Group Inc. Reduce -5.9% 0.13% −0.00
NEE Nextera Energy Inc. Reduce -1.0% 0.40% +0.00
GLD SPDR Gold Shares Reduce -3.4% 0.17% +0.01
AMD Advanced Micro Devices Reduce -3.2% 0.94% +0.02
MSOS Advisorshares Pure US Cann Reduce -5.0% 0.09% +0.04
CG The Carlyle Group Inc. Reduce -3.4% 0.57% +0.05
MTCH Match Group Inc. Reduce -0.1% 1.44% +0.08
PLTR Palantir Technologies Inc. Class A Reduce -3.0% 0.57% +0.10
TJX TJX Companies Inc. Reduce -0.2% 1.69% +0.13
NVDA Nvidia Corp. Reduce -1.0% 1.94% +0.15
TSLA Tesla Inc. Reduce -3.1% 0.78% +0.16
AAPL Apple Inc. Reduce -1.2% 1.39% +0.17
PII Polaris Inc. Reduce -0.3% 0.90% +0.22
CEF Sprott Physical Gold and Sil Reduce -3.6% 4.05% +0.34
GOOGL Alphabet Inc. Class A Reduce -0.1% 4.47% +0.98

Portfolio Buys Q2 2025 → Q3 2025
MSGS Madison Square Garden Sports New 1.53% +1.53
DIHP Dimensional International Hi Add +86.4% 1.68% +0.74
DUHP Dimensional US High Profi Et Add +9.1% 8.42% +0.61
AGG iShares Core U.S. Aggregate Add +36.3% 1.91% +0.42
QQQ Invesco QQQ Trust Series 1 Add +37.6% 1.47% +0.41
WM Waste Management Inc. New 0.35% +0.35
FWONK Liberty Media Corp. Class C Add +36.9% 1.47% +0.31
XLK SS Technology Select Sector New 0.24% +0.24
HHH Howard Hughes Holdings Inc. Add +1.8% 1.59% +0.21
MKL Markel Group Inc. Add +29.3% 1.40% +0.18
XLF SS Financial Select Sector New 0.15% +0.15
JNJ Johnson & Johnson Add +0.4% 1.16% +0.14
XLV SS Health Care Select Sector Add +79.9% 0.30% +0.13
CVX Chevron Corp. New 0.10% +0.10
GE General Electric New 0.10% +0.10
SPY SS SPDR S&P 500 ETF Trust-US New 0.10% +0.10
ABBV Abbvie Inc. Add +11.4% 0.34% +0.08
AMGN Amgen Inc. Add +19.5% 0.58% +0.06
SPOT Spotify Technology SA Add +24.8% 0.53% +0.03
HD Home Depot Inc. Add +6.7% 0.22% +0.02
JPM JPMorgan Chase & Co. Add +3.4% 0.35% +0.02
KMI Kinder Morgan Inc. Add +22.5% 0.15% +0.01
SCHX Schwab US Large-Cap ETF Add +0.0% 0.82% +0.00
KO The Coca-Cola Co. Add +0.6% 0.10% −0.01
T AT&T Inc. Add +5.5% 0.39% −0.02
NKE Nike Inc. Class B Add +3.9% 0.44% −0.02
BRK.B Berkshire Hathaway Inc. Class B Add +1.7% 3.26% −0.07
PM Philip Morris International Add +5.3% 1.81% −0.27
FRPH FRP Holdings Inc. Add +0.3% 2.10% −0.39

Notes & Other Activity Q2 2025 → Q3 2025
GREEN PLAINS INC (GPRE 2.25 03/15/27) NOTE 2.250% 3/1 · principal Add +3.8% 27,400,000 $26.2M
THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal Sold out 20,463,000 $16.2Mbefore exit
GROUPON INC (GRPN 4.875 06/30/30 UNRS) NOTE 4.875% 6/3 · principal New 7,750,000 $7.1M
THE REALREAL INC (REAL 4 02/15/31) DEBT 4.000% 2/1 · principal Sold out 2,503,000 $2.0Mbefore exit

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