# Intrepid Investment Management, LLC

> Intrepid Investment Management, LLC is an SEC-registered investment advisory firm in Houston, TX, registered since 2018, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated September 29, 2026.

- CRD: 192522
- Filed as: INTREPID INVESTMENT MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Houston, TX
- Filing period: October 2026
- Form ADV filing dated: September 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/192522
- AdvisorCensus page: https://advisorcensus.com/firm/intrepid-investment-management-llc-houston-tx-192522

## Quick answers

**How is Intrepid Investment Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Intrepid Investment Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**How much does Intrepid Investment Management, LLC charge?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: up to 2% of assets a year (the maximum the brochure states). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Intrepid Investment Management, LLC located?**
Intrepid Investment Management, LLC's principal office is in Houston, TX, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Intrepid Investment Management, LLC registered with the SEC or a state?**
Intrepid Investment Management, LLC is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 192522.

**How much does Intrepid Investment Management, LLC manage?**
Intrepid Investment Management, LLC reports $335,966,531 in regulatory assets under management in its Form ADV filing dated September 29, 2026 (100% discretionary).

**How have Intrepid Investment Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Intrepid Investment Management, LLC: Regulatory assets under management: $179,160,000 in the October 2021 data and $335,966,531 in the October 2026 data, up 88%. Total employees: 6 in October 2021 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Intrepid Investment Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (9).

**Does Intrepid Investment Management, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/192522

**What changed in Intrepid Investment Management, LLC's recent Form ADV filings?**
In the October 2026 filing data: Employees performing advisory functions went from 6 to 7. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: up to 2% of assets a year (the maximum the brochure states)

> In general, the Management Fee payable with respect to each investor will be paid quarterly in advance at a rate of up to 2.0% per annum on such investor’s capital commitment or invested capital, as detailed in each fund’s Governing Documents.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $335,966,531
- Discretionary: $335,966,531
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 9 | $335,966,531 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2018 (8 years)
- Employees: 7 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- [intrepidim.com](https://intrepidim.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $179,160,000 | 6 | April 27, 2021 |
| October 2022 | $199,865,000 | 6 | March 31, 2022 |
| October 2023 | $219,865,000 | 6 | March 30, 2023 |
| October 2024 | $257,390,000 | 6 | March 27, 2024 |
| October 2025 | $306,715,000 | 7 | March 31, 2025 |
| October 2026 | $335,966,531 | 7 | September 29, 2026 |

Regulatory assets under management: $179,160,000 in the October 2021 data and $335,966,531 in the October 2026 data, up 88%.
Total employees: 6 in October 2021 and 7 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Employees performing advisory functions went from 6 to 7.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Intrepid Investment Management, LLC (CRD 192522): Form ADV filing data as of October 2026.