INTREPID FAMILY OFFICE LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	5,000	$3,410	2.9%	$666.18	—	CALL	78462F103
ICSH	ISHARES TR	35,000	$1,770	1.5%	$50.58	—	ULTRA SHORT DUR	46434V878
VUSB	VANGUARD BD INDEX FDS	32,500	$1,620	1.4%	$49.84	—	VANGUARD ULTRA	92203C303
GOOGL	ALPHABET INC	5,000	$1,565	1.3%	$285.60	0.0%	CAP STK CL A	02079K305
JPST	J P MORGAN EXCHANGE TRADED F	12,500	$632	0.5%	$50.59	—	ULTRA SHRT ETF	46641Q837
PULS	PGIM ETF TR	12,500	$620	0.5%	$49.59	—	PGIM ULTRA SH BD	69344A107
HEWJ	ISHARES TR	10,000	$527	0.5%	$52.70	—	HDG MSCI JAPAN	46434V886
DJT	TRUMP MEDIA & TECHNOLOGY GRO	5,000	$66	0.1%	$13.64	0.0%	COM	25400Q105
NMG	NOUVEAU MONDE GRAPHITE INC	10,000	$25	0.0%	$2.93	0.0%	COM NEW	66979W842

Increased Positions (9)

NXPI NXP SEMICONDUCTORS N V 4.3%

Value ($000) $5,036 (+121.1%) Shares 23,200 (+132.0%) Est. Cost $203.38 Unrealized +5.1%

SNPS SYNOPSYS INC 2.4%

Value ($000) $2,818 (+119.7%) Shares 6,000 (+130.8%) Est. Cost $496.69 Unrealized -10.6%

— ADAMS DIVERSIFIED EQUITY FD 5.4%

Value ($000) $6,233 (+6.7%) Shares 267,262 (+2.0%) Est. Cost $19.47 Unrealized —

GSY INVESCO ACTIVELY MANAGED EXC 1.4%

Value ($000) $1,633 (+30.0%) Shares 32,500 (+30.0%) Est. Cost $49.96 Unrealized —

SLRC SLR INVESTMENT CORP 3.5%

Value ($000) $4,097 (+7.2%) Shares 265,000 (+6.0%) Est. Cost $12.36 Unrealized +20.9%

— ROYCE SMALL CAP TRUST INC 1.4%

Value ($000) $1,664 (+19.5%) Shares 103,360 (+19.7%) Est. Cost $15.60 Unrealized —

ORGO ORGANOGENESIS HLDGS INC 0.4%

Value ($000) $518 (+53.2%) Shares 100,000 (+24.8%) Est. Cost $3.75 Unrealized +29.4%

SPRO SPERO THERAPEUTICS INC 0.3%

Value ($000) $384 (+85.9%) Shares 165,000 (+50.0%) Est. Cost $2.24 Unrealized +3.7%

— ADAM NAT RES FD INC 2.9%

Value ($000) $3,334 (+3.3%) Shares 153,379 (+2.3%) Est. Cost $17.60 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NXPI	NXP SEMICONDUCTORS N V	23,200 (+132.0%)	$5,036 (+121.1%)	4.3%	$203.38	+5.1%	COM	N6596X109
SNPS	SYNOPSYS INC	6,000 (+130.8%)	$2,818 (+119.7%)	2.4%	$496.69	-10.6%	COM	871607107
—	ADAMS DIVERSIFIED EQUITY FD	267,262 (+2.0%)	$6,233 (+6.7%)	5.4%	$19.47	—	COM	006212104
GSY	INVESCO ACTIVELY MANAGED EXC	32,500 (+30.0%)	$1,633 (+30.0%)	1.4%	$49.96	—	ULTRA SHRT DUR	46090A887
SLRC	SLR INVESTMENT CORP	265,000 (+6.0%)	$4,097 (+7.2%)	3.5%	$12.36	+20.9%	COM	83413U100
—	ROYCE SMALL CAP TRUST INC	103,360 (+19.7%)	$1,664 (+19.5%)	1.4%	$15.60	—	COM	780910105
ORGO	ORGANOGENESIS HLDGS INC	100,000 (+24.8%)	$518 (+53.2%)	0.4%	$3.75	+29.4%	COM	68621F102
SPRO	SPERO THERAPEUTICS INC	165,000 (+50.0%)	$384 (+85.9%)	0.3%	$2.24	+3.7%	COM	84833T103
—	ADAM NAT RES FD INC	153,379 (+2.3%)	$3,334 (+3.3%)	2.9%	$17.60	—	COM	00548F105

Exited Positions (8)

SPY SPDR S&P 500 ETF TR 5.7%

Value ($000) $6,662 Shares 10,000 Est. Cost $666.18 Unrealized —

NICE NICE LTD 2.5%

Value ($000) $2,896 Shares 20,000 Est. Cost $144.78 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 1.2%

Value ($000) $1,368 Shares 7,500 Est. Cost $132.21 Unrealized +36.9%

NVDA NVIDIA CORPORATION 0.8%

Value ($000) $933 Shares 5,000 Est. Cost $125.82 Unrealized +47.9%

ARGT GLOBAL X FDS 0.6%

Value ($000) $698 Shares 10,000 Est. Cost $82.09 Unrealized —

RFIX SIMPLIFY EXCHANGE TRADED FUN 0.6%

Value ($000) $641 Shares 15,000 Est. Cost $53.50 Unrealized —

ROIV ROIVANT SCIENCES LTD 0.3%

Value ($000) $303 Shares 20,000 Est. Cost $12.38 Unrealized +59.4%

CLMT CALUMET INC 0.1%

Value ($000) $139 Shares 7,600 Est. Cost $16.45 Unrealized +17.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	10,000	$6,662	5.7%	$666.18	—	—	78462F103
NICE	NICE LTD	20,000	$2,896	2.5%	$144.78	—	—	653656108
PLTR	PALANTIR TECHNOLOGIES INC	7,500	$1,368	1.2%	$132.21	+36.9%	—	69608A108
NVDA	NVIDIA CORPORATION	5,000	$933	0.8%	$125.82	+47.9%	—	67066G104
ARGT	GLOBAL X FDS	10,000	$698	0.6%	$82.09	—	—	37950E259
RFIX	SIMPLIFY EXCHANGE TRADED FUN	15,000	$641	0.6%	$53.50	—	—	82889N376
ROIV	ROIVANT SCIENCES LTD	20,000	$303	0.3%	$12.38	+59.4%	—	G76279101
CLMT	CALUMET INC	7,600	$139	0.1%	$16.45	+17.0%	—	131428104

Decreased Positions (7)

VTI VANGUARD INDEX FDS 11.6%

Value ($000) $13,411 (-31.9%) Shares 40,000 (-33.3%) Est. Cost $306.53 Unrealized —

GLD SPDR GOLD TR 13.7%

Value ($000) $15,852 (-10.8%) Shares 40,000 (-20.0%) Est. Cost $304.83 Unrealized —

SIVR ABRDN SILVER ETF TRUST 4.5%

Value ($000) $5,208 (+17.1%) Shares 77,000 (-23.0%) Est. Cost $30.99 Unrealized —

PPLT ABRDN PLATINUM ETF TRUST 6.4%

Value ($000) $7,457 (-5.1%) Shares 40,000 (-27.3%) Est. Cost $124.69 Unrealized —

NTRA NATERA INC 0.9%

Value ($000) $1,031 (+28.1%) Shares 4,500 (-10.0%) Est. Cost $46.10 Unrealized +352.4%

CCCC C4 THERAPEUTICS INC 0.1%

Value ($000) $105 (-32.4%) Shares 55,000 (-21.4%) Est. Cost $3.87 Unrealized -38.8%

IOVA IOVANCE BIOTHERAPEUTICS INC 0.1%

Value ($000) $82 (-5.6%) Shares 30,000 (-25.0%) Est. Cost $6.04 Unrealized -61.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTI	VANGUARD INDEX FDS	40,000 (-33.3%)	$13,411 (-31.9%)	11.6%	$306.53	—	TOTAL STK MKT	922908769
GLD	SPDR GOLD TR	40,000 (-20.0%)	$15,852 (-10.8%)	13.7%	$304.83	—	GOLD SHS	78463V107
SIVR	ABRDN SILVER ETF TRUST	77,000 (-23.0%)	$5,208 (+17.1%)	4.5%	$30.99	—	PHYSCL SILVR SHS	003264108
PPLT	ABRDN PLATINUM ETF TRUST	40,000 (-27.3%)	$7,457 (-5.1%)	6.4%	$124.69	—	PHYSCL PLATM SHS	003260106
NTRA	NATERA INC	4,500 (-10.0%)	$1,031 (+28.1%)	0.9%	$46.10	+352.4%	COM	632307104
CCCC	C4 THERAPEUTICS INC	55,000 (-21.4%)	$105 (-32.4%)	0.1%	$3.87	-38.8%	COM STK	12529R107
IOVA	IOVANCE BIOTHERAPEUTICS INC	30,000 (-25.0%)	$82 (-5.6%)	0.1%	$6.04	-61.7%	COM	462260100

Unchanged Positions (13)

GDXJ VANECK ETF TRUST 4.9%

Value ($000) $5,689 Shares 50,000 Est. Cost $67.59 Unrealized —

ASML ASML HOLDING N V 2.5%

Value ($000) $2,942 Shares 2,750 Est. Cost $712.77 Unrealized —

TLT ISHARES TR 7.5%

Value ($000) $8,716 Shares 100,000 Est. Cost — Unrealized —

LSAK LESAKA TECHNOLOGIES INC 1.0%

Value ($000) $1,193 Shares 250,000 Est. Cost $5.16 Unrealized -19.4%

VEU VANGUARD INTL EQUITY INDEX F 3.2%

Value ($000) $3,678 Shares 50,000 Est. Cost $63.94 Unrealized —

INDA ISHARES TR 2.6%

Value ($000) $2,973 Shares 55,000 Est. Cost $44.79 Unrealized —

SHEL SHELL PLC 3.2%

Value ($000) $3,674 Shares 50,000 Est. Cost $64.38 Unrealized —

EIS ISHARES INC 0.9%

Value ($000) $1,100 Shares 10,000 Est. Cost $98.10 Unrealized —

SSSS SURO CAPITAL CORP 0.8%

Value ($000) $944 Shares 100,000 Est. Cost $10.84 Unrealized -13.2%

HE HAWAIIAN ELEC INDUSTRIES 0.3%

Value ($000) $369 Shares 30,000 Est. Cost $10.16 Unrealized +14.0%

— BLACKROCK SCIENCE & TECHNOLO 1.6%

Value ($000) $1,809 Shares 80,000 Est. Cost $20.71 Unrealized —

EDAP EDAP TMS S A 0.1%

Value ($000) $82 Shares 25,000 Est. Cost $2.21 Unrealized —

INFL LISTED FDS TR 3.3%

Value ($000) $3,779 Shares 85,000 Est. Cost $31.07 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDXJ	VANECK ETF TRUST	50,000	$5,689	4.9%	$67.59	—	JUNIOR GOLD MINE	92189F791
ASML	ASML HOLDING N V	2,750	$2,942	2.5%	$712.77	—	N Y REGISTRY SHS	N07059210
TLT	ISHARES TR	100,000	$8,716	7.5%	—	—	PUT	464287432
LSAK	LESAKA TECHNOLOGIES INC	250,000	$1,193	1.0%	$5.16	-19.4%	COM NEW	64107N206
VEU	VANGUARD INTL EQUITY INDEX F	50,000	$3,678	3.2%	$63.94	—	ALLWRLD EX US	922042775
INDA	ISHARES TR	55,000	$2,973	2.6%	$44.79	—	MSCI INDIA ETF	46429B598
SHEL	SHELL PLC	50,000	$3,674	3.2%	$64.38	—	SPON ADS	780259305
EIS	ISHARES INC	10,000	$1,100	0.9%	$98.10	—	MSCI ISRAEL ETF	464286632
SSSS	SURO CAPITAL CORP	100,000	$944	0.8%	$10.84	-13.2%	COM NEW	86887Q109
HE	HAWAIIAN ELEC INDUSTRIES	30,000	$369	0.3%	$10.16	+14.0%	COM	419870100
—	BLACKROCK SCIENCE & TECHNOLO	80,000	$1,809	1.6%	$20.71	—	SHS BEN INT	09260K101
EDAP	EDAP TMS S A	25,000	$82	0.1%	$2.21	—	SPONSORED ADR	268311107
INFL	LISTED FDS TR	85,000	$3,779	3.3%	$31.07	—	HORIZON KINETICS	53656F623