Penn Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ADVANSIX INC	COM	00773T101	4,209	326,765	SH		SOLE		326,765	0	0
AEROJET ROCKETDYNE HLDGS INC	COM	007800105	4,139	103,769	SH		SOLE		103,769	0	0
ALLISON TRANSMISSION HLDGS I	COM	01973R101	1,048	28,850	SH		SOLE		28,850	0	0
ALPHATEC HOLDINGS INC	COM	02081G201	13,794	2,074,877	SH		SOLE		2,074,877	0	0
AMALGAMATED BK NEW YORK N Y	COM	022663108	1,111	105,029	SH		SOLE		105,029	0	0
AMERICAN AXLE & MFG HLDGS IN	COM	024061103	11,633	2,016,203	SH		SOLE		2,016,203	0	0
AMERICAN VANGUARD CORP	COM	030371108	5,063	385,305	SH		SOLE		385,305	0	0
AMERICOLD RLTY TR	PUT	03064D108	2,515	68,441	SH		SOLE		68,441	0	0
AMERIS BANCORP	COM	03076K108	11,884	521,156	SH		SOLE		521,156	0	0
AVANTOR INC	COM	05352a100	2,190	94,441	SH		SOLE		94,441	0	0
BJS WHSL CLUB HLDGS INC	COM	05550J101	8,904	211,990	SH		SOLE		211,990	0	0
B RILEY PRIN MERGER CORP II	COM	05600U106	1,286	128,500	SH		SOLE		128,500	0	0
BANDWIDTH INC	COM	05988J103	5,151	29,448	SH		SOLE		29,448	0	0
BANKUNITED INC	COM	06652K103	4,937	224,878	SH		SOLE		224,878	0	0
BIODELIVERY SCIENCES INTL IN	COM	09060J106	4,670	1,252,079	SH		SOLE		1,252,079	0	0
BLACK KNIGHT INC	COM	09215C105	1,902	21,189	SH		SOLE		21,189	0	0
BLOOMIN BRANDS INC	COM	094235108	3,063	200,559	SH		SOLE		200,559	0	0
BOYD GAMING CORP	COM	103304101	7,232	235,190	SH		SOLE		235,190	0	0
BRIGHTVIEW HLDGS INC	COM	10948C107	6,220	545,626	SH		SOLE		545,626	0	0
BRINKS CO	COM	109696104	4,023	97,718	SH		SOLE		97,718	0	0
BURLINGTON STORES INC	COM	122017106	2,578	12,166	SH		SOLE		12,166	0	0
CACI INTL INC	CL A	127190304	3,455	16,161	SH		SOLE		16,161	0	0
CALERES INC	COM	129500104	2,023	211,653	SH		SOLE		211,653	0	0
CAMDEN PPTY TR	SH BEN	133131102	2,421	26,452	SH		SOLE		26,452	0	0
CANADA GOOSE HOLDINGS INC	COM	135086106	7,022	217,880	SH		SOLE		217,880	0	0
CAPSTAR FINL HLDGS INC	COM	14070T102	1,972	201,022	SH		SOLE		201,022	0	0
CARDLYTICS INC	COM	14161W105	4,218	59,667	SH		SOLE		59,667	0	0
CARRIAGE SVCS INC	COM	143905107	5,326	238,737	SH		SOLE		238,737	0	0
CATALENT INC	COM	148806102	3,322	37,722	SH		SOLE		37,722	0	0
CHAMPIONX CORPORATION	COM	15872M104	4,178	521,869	SH		SOLE		521,869	0	0
CHUYS HLDGS INC	COM	171604101	1,519	77,577	SH		SOLE		77,577	0	0
COLFAX CORP	COM	194014106	7,163	227,983	SH		SOLE		227,983	0	0
COMMERCIAL METALS CO	COM	201723103	1,768	85,820	SH		SOLE		85,820	0	0
COMMUNITY BANKERS TR CORP	COM	203612106	3,032	596,797	SH		SOLE		596,797	0	0
CONMED CORP	COM	207410101	8,700	109,590	SH		SOLE		109,590	0	0
CRYOLIFE INC	COM	228903100	9,743	527,231	SH		SOLE		527,231	0	0
CYRUSONE INC COM	COM	23283R100	2,300	31,853	SH		SOLE		31,853	0	0
D R HORTON INC	COM	23331A109	3,385	43,500	SH		SOLE		43,500	0	0
DAVE & BUSTERS PARTNERS I	COM	238337109	4,226	278,788	SH		SOLE		278,788	0	0
DESIGNER BRANDS INC	COM	250565108	3,982	733,422	SH		SOLE		733,422	0	0
DIGITAL RLTY TR INC	COM	253868103	561	3,778	SH		SOLE		3,778	0	0
DIODES INC	COM	254543101	5,879	103,949	SH		SOLE		103,949	0	0
DISH NETWORK CORP	NOTE	25470MAD1	10,371	11,524,000	PRN		SOLE		11,524,000	0	0
DOUGLAS DYNAMICS INC	COM	25960R105	4,039	118,095	SH		SOLE		118,095	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	6,631	295,559	SH		SOLE		295,559	0	0
ESQUIRE FINL HLDGS INC	COM	29667J101	602	40,149	SH		SOLE		40,149	0	0
ESSENTIAL PPTYS RLTY TR INC	COM	29670E107	2,996	163,539	SH		SOLE		163,539	0	0
ESSENTIAL UTILS INC	COM	29670G102	3,639	87,871	SH		SOLE		87,871	0	0
EVANS BANCORP INC	COM NEW	29911Q208	1,919	86,240	SH		SOLE		86,240	0	0
EVOQUA WATER TECHNOLOGIES CO	COM	30057T105	2,969	139,627	SH		SOLE		139,627	0	0
EXELIXIS INC	COM	30161Q104	6,694	270,712	SH		SOLE		270,712	0	0
FB FINL CORP	COM	30257X104	9,000	357,829	SH		SOLE		357,829	0	0
FERRO CORP	COM	315405100	6,212	500,938	SH		SOLE		500,938	0	0
FIDELITY NATIONAL FINANCIAL	FNF GRO	31620R303	2,760	85,689	SH		SOLE		85,689	0	0
FIRST BANCORP N C	COM	318910106	6,364	304,080	SH		SOLE		304,080	0	0
FIRST CMNTY CORP S C	COM	319835104	1,750	128,423	SH		SOLE		128,423	0	0
Five Below Inc	com	33829M101	6,502	50,622	SH		SOLE		50,622	0	0
FIVE9 INC	COM	338307101	1,915	14,316	SH		SOLE		14,316	0	0
FLOOR & DECOR HLDGS INC	COM	339750101	6,078	80,426	SH		SOLE		80,426	0	0
FOX CORP	COM	35137L204	2,744	95,321	SH		SOLE		95,321	0	0
G-III APPAREL GROUP LTD	COM	36237H101	4,890	372,961	SH		SOLE		372,961	0	0
GAMING & LEISURE PPTYS INC	COM	36467J108	5,920	160,007	SH		SOLE		160,007	0	0
GENMARK DIAGNOSTICS INC	COM	372309104	3,758	264,141	SH		SOLE		264,141	0	0
GLOBAL PMTS INC	COM	37940X102	512	2,857	SH		SOLE		2,857	0	0
GODADDY INC	COM	380237107	3,625	46,375	SH		SOLE		46,375	0	0
GOGO INC	COM	38046C109	3,125	337,548	SH		SOLE		337,548	0	0
GOLDEN ENTMT INC	COM	381013101	9,702	700,440	SH		SOLE		700,440	0	0
GRACE W R & CO DEL NEW	COM	38388F108	4,447	110,174	SH		SOLE		110,174	0	0
GRAY TELEVISION INC	COM	389375106	8,094	586,659	SH		SOLE		586,659	0	0
HALOZYME THERAPEUTICS INC	COM	40637H109	7,761	292,570	SH		SOLE		292,570	0	0
HEALTHCARE TR AMER INC	CL A	42225P501	2,763	103,061	SH		SOLE		103,061	0	0
HELIOS TECHNOLOGIES INC	COM	42328H109	8,661	237,776	SH		SOLE		237,776	0	0
HERITAGE FINL CORP WASH	COM	42722X106	5,779	314,229	SH		SOLE		314,229	0	0
HUB GROUP INC	CL A	443320106	3,836	76,430	SH		SOLE		76,430	0	0
HUNTSMAN CORP	COM	447011107	5,921	266,071	SH		SOLE		266,071	0	0
HURON CONSULTING GROUP INC	COM	447462102	4,372	111,171	SH		SOLE		111,171	0	0
IAA INC	COM	449253103	2,271	42,487	SH		SOLE		42,487	0	0
INSTALLED BLDG PRODS INC	COM	45780R101	7,065	69,301	SH		SOLE		69,301	0	0
INTER PARFUMS INC	COM	458334109	6,267	167,804	SH		SOLE		167,804	0	0
INVESTAR HLDG CORP	COM	46134L105	1,000	77,997	SH		SOLE		77,997	0	0
KIRKLAND LAKE GOLD LTD	COM	49741e100	724	14,861	SH		SOLE		14,861	0	0
KRATON PERFORMANCE POLYMERS	COM	50077C106	1,192	66,871	SH		SOLE		66,871	0	0
LAMB WESTON HLDGS INC	COM	513272104	2,986	43,838	SH		SOLE		43,838	0	0
LENDINGTREE INC NEW	COM	52603B107	4,101	13,336	SH		SOLE		13,336	0	0
LENNOX INTL INC	COM	526107107	2,612	9,288	SH		SOLE		9,288	0	0
LIBERTY MEDIA CORP DELAWARE	COM	531229409	2,215	64,870	SH		SOLE		64,870	0	0
LINCOLN NATL CORP IND	COM	534187109	1,866	57,840	SH		SOLE		57,840	0	0
MGM MIRAGE	COM	552953101	2,075	93,000	SH		SOLE		93,000	0	0
MGM GROWTH PPTYS LLC	COM	55303A105	1,938	67,351	SH		SOLE		67,351	0	0
MTS SYS CORP	COM	553777103	12,308	643,528	SH		SOLE		643,528	0	0
MALVERN BANCORP INC	COM	561409103	534	45,231	SH		SOLE		45,231	0	0
MARRIOTT VACATIONS WRLDWDE C	COM	57164Y107	5,061	55,621	SH		SOLE		55,621	0	0
MARTIN MARIETTA MATLS INC	COM	573284106	2,915	12,058	SH		SOLE		12,058	0	0
MASCO CORP	COM	574599106	3,182	56,149	SH		SOLE		56,149	0	0
MATTHEWS INTL CORP	CL A	577128101	4,827	215,861	SH		SOLE		215,861	0	0
MAYVILLE ENGINEERING CO INC	COM	578605107	1,698	184,783	SH		SOLE		184,783	0	0
MERCURY COMPUTER SYS	COM	589378108	2,470	30,897	SH		SOLE		30,897	0	0
NATIONAL FUEL GAS CO N J	COM	636180101	3,511	86,326	SH		SOLE		86,326	0	0
NATIONAL VISION HLDGS INC	COM	63845R107	6,105	159,243	SH		SOLE		159,243	0	0
NEUROCRINE BIOSCIENCES INC	COM	64125C109	2,221	22,455	SH		SOLE		22,455	0	0
NEW FORTRESS ENERGY LLC	COM	644393100	7,441	168,748	SH		SOLE		168,748	0	0
NEWMARK GROUP INC	COM	65158N102	2,559	592,293	SH		SOLE		592,293	0	0
NEXSTAR BROADCASTING GROUP I	CL A	65336K103	7,730	85,787	SH		SOLE		85,787	0	0
NICE SYS LTD	SPONSOR	653656108	2,871	12,263	SH		SOLE		12,263	0	0
NLIGHT INC	COM	65487K100	3,761	160,187	SH		SOLE		160,187	0	0
O-I GLASS INC	COM	67098H104	4,893	461,166	SH		SOLE		461,166	0	0
OSI SYSTEMS INC	COM	671044105	5,989	77,172	SH		SOLE		77,172	0	0
OLD POINT FINL CORP	COM	680194107	524	34,575	SH		SOLE		34,575	0	0
OPTION CARE HEALTH INC	COM	68404L201	8,442	630,235	SH		SOLE		630,235	0	0
ORBCOMM INC	COM	68555P100	3,909	1,149,657	SH		SOLE		1,149,657	0	0
ORIGIN BANCORP INC	COM	68621T102	1,005	47,034	SH		SOLE		47,034	0	0
ORMAT TECHNOLOGIES INC	COM	686688102	1,323	21,709	SH		SOLE		21,709	0	0
ORRSTOWN FINL SVCS INC	COM	687380105	672	52,462	SH		SOLE		52,462	0	0
PPD INC	COM	69355F102	3,630	95,364	SH		SOLE		95,364	0	0
PAPA JOHNS INTL INC	COM	698813102	3,458	41,945	SH		SOLE		41,945	0	0
PERFORMANCE FOOD GROUP CO	COM	71377A103	5,844	168,496	SH		SOLE		168,496	0	0
PHYSICIANS RLTY TR	COM	71943U104	5,929	330,426	SH		SOLE		330,426	0	0
PINNACLE FINL PARTNERS INC	COM	72346Q104	2,179	59,449	SH		SOLE		59,449	0	0
PINNACLE WEST	CAP COR	723484101	2,567	33,471	SH		SOLE		33,471	0	0
PLANET FITNESS INC	COM	72703H101	6,683	108,255	SH		SOLE		108,255	0	0
PLAYAGS INC	COM	72814N104	514	145,104	SH		SOLE		145,104	0	0
POSTAL REALTY TRUST INC	COM	73757R102	3,394	224,180	SH		SOLE		224,180	0	0
PRIMERICA INC	COM	74164M108	5,358	46,764	SH		SOLE		46,764	0	0
PURE STORAGE INC	COM	74624M102	4,568	296,269	SH		SOLE		296,269	0	0
QTS RLTY TR INC	COM CL	74736A103	6,125	96,993	SH		SOLE		96,993	0	0
Q2 HLDGS INC	COM	74736L109	3,446	37,695	SH		SOLE		37,695	0	0
QUEST DIAGNOSTICS INC	COM	74834L100	2,660	22,602	SH		SOLE		22,602	0	0
R1 RCM INC	COM	749397105	6,069	353,165	SH		SOLE		353,165	0	0
REV GROUP INC	COM	749527107	3,292	417,203	SH		SOLE		417,203	0	0
RAMBUS INC DEL	COM	750917106	6,435	469,184	SH		SOLE		469,184	0	0
RAPID7 INC	COM	753422104	6,942	113,133	SH		SOLE		113,133	0	0
REGIS CORP MINN	COM	758932107	3,958	644,675	SH		SOLE		644,675	0	0
REVOLVE GROUP INC	COM	76156B107	6,320	384,662	SH		SOLE		384,662	0	0
SSR MNG INC	COM	784730103	3,767	201,414	SH		SOLE		201,414	0	0
SANDY SPRING BANCORP INC	COM	800363103	4,635	200,818	SH		SOLE		200,818	0	0
SCHNEIDER NATIONAL INC	COM	80689H102	1,827	71,600	SH		SOLE		71,600	0	0
SCIENTIFIC GAMES CORP	CL A	80874P109	3,208	91,702	SH		SOLE		91,702	0	0
SCRIPPS E W CO OHIO	CL A NE	811054402	14,251	1,244,073	SH		SOLE		1,244,073	0	0
SEAWORLD ENTMT INC	COM	81282V100	10,668	540,338	SH		SOLE		540,338	0	0
SEMTECH CORP	COM	816850101	5,439	102,504	SH		SOLE		102,504	0	0
SHORE BANCSHARES INC	COM	825107105	3,211	292,478	SH		SOLE		292,478	0	0
SILICON MOTION TECHNOLOGY CO	SPONSOR	82706C108	6,152	162,528	SH		SOLE		162,528	0	0
SITIME CORPORATION	COM	82982T106	6,708	79,680	SH		SOLE		79,680	0	0
SKYWORKS SOLUTIONS INC	COM	83088M102	3,262	21,740	SH		SOLE		21,740	0	0
SMARTFINANCIAL INC	COM	83190L208	2,002	147,296	SH		SOLE		147,296	0	0
SOUTH ST CORP	COM	840441109	3,943	81,738	SH		SOLE		81,738	0	0
SOUTHERN FIRST BANCSHARES IN	COM	842873101	2,244	92,903	SH		SOLE		92,903	0	0
SOUTHERN NATL BANCORP OF VA	COM	843395104	2,045	235,578	SH		SOLE		235,578	0	0
SPIRIT AEROSYSTEMS HLDGS INC	COM CL	848574109	4,542	239,757	SH		SOLE		239,757	0	0
STEEL DYNAMICS INC	COM	858119100	424	14,630	SH		SOLE		14,630	0	0
STEWART INFORMATION SVCS COR	COM	860372101	6,285	143,439	SH		SOLE		143,439	0	0
SUN COMMUNITIES INC	COM	866674104	2,514	17,394	SH		SOLE		17,394	0	0
SYNEOS HEALTH INC	COM	87166B102	6,928	130,079	SH		SOLE		130,079	0	0
TELEFLEX INC	COM	879369106	2,943	8,400	SH		SOLE		8,400	0	0
TENNANT CO	COM	880345103	6,589	109,163	SH		SOLE		109,163	0	0
TERADYNE INC	COM	880770102	3,423	41,898	SH		SOLE		41,898	0	0
TEVA PHARMACEUTICAL FIN LLC	DBCV	88163VAE9	466	480,000	SH		SOLE		480,000	0	0
TITAN MACHY INC	COM	88830R101	4,172	315,372	SH		SOLE		315,372	0	0
TRANSUNION	COM	89400J107	3,410	39,396	SH		SOLE		39,396	0	0
TYLER TECHNOLOGIES INC	COM	902252105	3,008	8,396	SH		SOLE		8,396	0	0
USA TRUCK INC	COM	902925106	2,136	226,028	SH		SOLE		226,028	0	0
UNITED RENTALS INC	COM	911363109	1,121	6,222	SH		SOLE		6,222	0	0
UNIVERSAL TRUCKLOAD SVCS INC	COM	91388P105	1,840	88,212	SH		SOLE		88,212	0	0
UPWORK INC	COM	91688F104	6,981	399,497	SH		SOLE		399,497	0	0
VAIL RESORTS INC	COM	91879Q109	1,766	8,009	SH		SOLE		8,009	0	0
VANGUARD INDEX FDS	EXTEND	922908652	646	4,951	SH		SOLE		4,951	0	0
VISTRA ENERGY CORP	COM	92840M102	463	24,294	SH		SOLE		24,294	0	0
VOYA FINL INC	COM	929089100	3,418	69,324	SH		SOLE		69,324	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	6,394	201,302	SH		SOLE		201,302	0	0
WESTERN DIGITAL CORP	COM	958102105	1,858	49,400	SH		SOLE		49,400	0	0
WORKIVA INC	COM	98139A105	5,011	89,687	SH		SOLE		89,687	0	0
XPO LOGISTICS INC	COM	983793100	7,696	90,735	SH		SOLE		90,735	0	0
ALLEGION PUB LTD CO	ORD SHS	G0176J109	1,979	19,398	SH		SOLE		19,398	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	1,604	53,331	SH		SOLE		53,331	0	0
AXALTA COATING SYS LTD	COM	G0750C108	6,726	300,166	SH		SOLE		300,166	0	0
GATES INDUSTRIAL CORPRATIN	COM	G39108108	7,808	700,821	SH		SOLE		700,821	0	0
LUXFER HOLDINGS PLC	COM	G5698W116	6,142	489,408	SH		SOLE		489,408	0	0
MARVELL TECHNOLOGY GROUP LTD	ORD	G5876H105	2,153	52,782	SH		SOLE		52,782	0	0
OXFORD IMMUNOTEC GLOBAL PLC	ORD SHS	G6855A103	10,749	917,930	SH		SOLE		917,930	0	0
PENTAIR PLC	SHS	G7S00T104	3,291	71,753	SH		SOLE		71,753	0	0
TECNOGLASS INC	COM	G87264100	1,542	290,870	SH		SOLE		290,870	0	0
CRESCENT ACQUISITION CORP	COM	G9087Q102	4,287	543,613	SH		SOLE		543,613	0	0
ORION ENGINEERED CARBONS S A	COM	L72967109	3,202	255,972	SH		SOLE		255,972	0	0
TRINSEO S A	SHS	L9340P101	2,535	98,870	SH		SOLE		98,870	0	0