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
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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
ACADIA HEALTHCARE COMPANY IN	COM	00404A109	7,968	158,540	SH		SOLE		158,540	0	283
ALLISON TRANSMISSION HLDGS I	COM	01973R101	2,327	53,950	SH		SOLE		53,950	0	1,484
ALPHATEC HOLDINGS INC	COM	02081G201	9,300	640,479	SH		SOLE		640,479	0	1,147
AMALGAMATED BK NEW YORK N Y	COM	022663108	1,502	109,349	SH		SOLE		109,349	0	0
AMERICAN AXLE & MFG HLDGS IN	COM	024061103	14,001	1,678,814	SH		SOLE		1,678,814	0	2,702
AMERICAN VANGUARD CORP	COM	030371108	1,952	125,773	SH		SOLE		125,773	0	0
AMERICOLD RLTY TR	PUT	03064D108	442	11,852	SH		SOLE		11,852	0	153
AMERIS BANCORP	COM	03076K108	9,661	253,770	SH		SOLE		253,770	0	485
AMETEK INC NEW	COM	031100100	507	4,192	SH		SOLE		4,192	0	51
ASURE SOFTWARE INC	COM	04649U102	252	35,546	SH		SOLE		35,546	0	0
AVANTOR INC	COM	05352a100	2,766	98,266	SH		SOLE		98,266	0	3,268
BJS WHSL CLUB HLDGS INC	COM	05550J101	8,367	224,450	SH		SOLE		224,450	0	2,289
BALLYS CORPORATION	COM	05875B106	9,640	191,912	SH		SOLE		191,912	0	330
BANDWIDTH INC	COM	05988J103	5,096	33,159	SH		SOLE		33,159	0	61
BANKUNITED INC	COM	06652K103	10,642	305,984	SH		SOLE		305,984	0	586
BAUSCH HEALTH COS INC	COM	071734107	1,749	84,083	SH		SOLE		84,083	0	2,808
BIODELIVERY SCIENCES INTL IN	COM	09060J106	1,581	376,363	SH		SOLE		376,363	0	0
BIOMARIN PHARMACEUTICAL INC	COM	09061G101	303	3,459	SH		SOLE		3,459	0	46
BLACK KNIGHT INC	COM	09215C105	1,729	19,565	SH		SOLE		19,565	0	640
BOYD GAMING CORP	COM	103304101	10,106	235,453	SH		SOLE		235,453	0	446
BRIGHTVIEW HLDGS INC	COM	10948C107	2,676	176,988	SH		SOLE		176,988	0	0
BRINKS CO	COM	109696104	7,282	101,142	SH		SOLE		101,142	0	187
BURLINGTON STORES INC	COM	122017106	2,950	11,278	SH		SOLE		11,278	0	332
CACI INTL INC	CL A	127190304	381	1,528	SH		SOLE		1,528	0	19
CALAVO GROWERS INC	COM	128246105	1,112	16,009	SH		SOLE		16,009	0	0
CAMDEN PPTY TR	SH BEN	133131102	2,439	24,411	SH		SOLE		24,411	0	733
CANADA GOOSE HOLDINGS INC	COM	135086106	5,652	189,846	SH		SOLE		189,846	0	348
CAPSTAR FINL HLDGS INC	COM	14070T102	812	55,021	SH		SOLE		55,021	0	0
CARDLYTICS INC	COM	14161W105	6,742	47,222	SH		SOLE		47,222	0	90
CARPENTER TECHNOLOGY CORP	COM	144285103	7,755	266,295	SH		SOLE		266,295	0	403
CATALENT INC	COM	148806102	3,066	29,464	SH		SOLE		29,464	0	846
CHAMPIONX CORPORATION	COM	15872M104	9,477	619,407	SH		SOLE		619,407	0	1,127
CHART INDS INC	COM PAR	16115Q308	7,805	66,262	SH		SOLE		66,262	0	127
CHENIERE ENERGY INC	NOTE	16411RAG4	898	1,150,000	PRN		SOLE		1,150,000	0	0
COLFAX CORP	COM	194014106	9,312	243,513	SH		SOLE		243,513	0	462
COMMUNITY BANKERS TR CORP	COM	203612106	1,097	162,542	SH		SOLE		162,542	0	0
CONMED CORP	COM	207410101	9,723	86,810	SH		SOLE		86,810	0	930
COSTAR GROUP INC	COM	22160N109	212	229	SH		SOLE		229	0	0
COVENANT TRANSN GROUP INC	CL A	22284P105	162	10,951	SH		SOLE		10,951	0	0
CRYOLIFE INC	COM	228903100	9,620	407,450	SH		SOLE		407,450	0	538
D R HORTON INC	COM	23331A109	402	5,826	SH		SOLE		5,826	0	97
DAKTRONICS INC	COM	234264109	1,827	390,363	SH		SOLE		390,363	0	0
DANA HOLDING CORP	COM	235825205	7,433	380,773	SH		SOLE		380,773	0	700
DENNYS CORP	COM	24869P104	1,289	87,788	SH		SOLE		87,788	0	0
DESIGNER BRANDS INC	COM	250565108	1,535	200,687	SH		SOLE		200,687	0	0
DIGITAL RLTY TR INC	COM	253868103	503	3,606	SH		SOLE		3,606	0	46
DISH NETWORK CORP	NOTE	25470MAD1	5,828	6,254,000	PRN		SOLE		6,254,000	0	0
DOUGLAS DYNAMICS INC	COM	25960R105	2,151	50,303	SH		SOLE		50,303	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	2,052	90,581	SH		SOLE		90,581	0	0
ESQUIRE FINL HLDGS INC	COM	29667J101	672	35,002	SH		SOLE		35,002	0	0
ESSENTIAL PPTYS RLTY TR INC	COM	29670E107	5,394	254,442	SH		SOLE		254,442	0	457
ESSENTIAL UTILS INC	COM	29670G102	2,390	50,542	SH		SOLE		50,542	0	1,458
EVANS BANCORP INC	COM NEW	29911Q208	1,438	52,201	SH		SOLE		52,201	0	0
EXELIXIS INC	COM	30161Q104	6,952	346,380	SH		SOLE		346,380	0	3,090
FB FINL CORP	COM	30257X104	7,846	225,905	SH		SOLE		225,905	0	430
FERRO CORP	COM	315405100	1,408	96,265	SH		SOLE		96,265	0	0
FIDELITY NATIONAL FINANCIAL	FNF GRO	31620R303	3,064	78,377	SH		SOLE		78,377	0	2,391
FIRST CMNTY CORP S C	COM	319835104	664	39,106	SH		SOLE		39,106	0	0
Five Below Inc	com	33829M101	2,957	16,900	SH		SOLE		16,900	0	496
FIVE9 INC	COM	338307101	2,305	13,219	SH		SOLE		13,219	0	437
FLOOR & DECOR HLDGS INC	COM	339750101	1,945	20,951	SH		SOLE		20,951	0	681
FOX CORP	COM	35137L204	2,549	88,278	SH		SOLE		88,278	0	2,719
G-III APPAREL GROUP LTD	COM	36237H101	451	19,007	SH		SOLE		19,007	0	0
GAMING & LEISURE PPTYS INC	COM	36467J108	5,794	136,662	SH		SOLE		136,662	0	241
GENMARK DIAGNOSTICS INC	COM	372309104	757	51,858	SH		SOLE		51,858	0	0
GLOBAL PMTS INC	COM	37940X102	583	2,705	SH		SOLE		2,705	0	26
GLOBAL MED REIT INC	COM	37954A204	333	25,535	SH		SOLE		25,535	0	0
GODADDY INC	COM	380237107	3,116	37,562	SH		SOLE		37,562	0	1,127
GOGO INC	COM	38046C109	4,662	484,062	SH		SOLE		484,062	0	837
GOLDEN ENTMT INC	COM	381013101	12,309	618,832	SH		SOLE		618,832	0	1,071
GRACE W R & CO DEL NEW	COM	38388F108	8,463	154,369	SH		SOLE		154,369	0	1,207
GRAY TELEVISION INC	COM	389375106	11,327	633,141	SH		SOLE		633,141	0	1,150
HALOZYME THERAPEUTICS INC	COM	40637H109	10,309	241,362	SH		SOLE		241,362	0	2,301
HAYNES INTERNATIONAL INC	COM NEW	420877201	237	9,922	SH		SOLE		9,922	0	0
HEALTHCARE TR AMER INC	CL A	42225P501	1,965	71,338	SH		SOLE		71,338	0	2,403
HERITAGE FINL CORP WASH	COM	42722X106	2,012	86,008	SH		SOLE		86,008	0	0
HUNTSMAN CORP	COM	447011107	6,476	257,614	SH		SOLE		257,614	0	495
HURON CONSULTING GROUP INC	COM	447462102	1,757	29,812	SH		SOLE		29,812	0	0
IAA INC	COM	449253103	2,586	39,791	SH		SOLE		39,791	0	1,104
ICAD INC	COM NEW	44934s206	512	38,819	SH		SOLE		38,819	0	0
INSTALLED BLDG PRODS INC	COM	45780r101	5,392	52,898	SH		SOLE		52,898	0	99
INTER PARFUMS INC	COM	458334109	2,474	40,896	SH		SOLE		40,896	0	0
INVESTAR HLDG CORP	COM	46134L105	742	44,884	SH		SOLE		44,884	0	0
KIRBY CORP	COM	497266106	1,937	37,369	SH		SOLE		37,369	0	1,264
KNOLL INC	COM NEW	498904200	2,216	150,921	SH		SOLE		150,921	0	0
LSB INDS INC	COM	502160104	277	81,723	SH		SOLE		81,723	0	0
LAMB WESTON HLDGS INC	COM	513272104	3,216	40,839	SH		SOLE		40,839	0	1,227
LENDINGTREE INC NEW	COM	52603B107	5,296	19,343	SH		SOLE		19,343	0	34
LENNOX INTL INC	COM	526107107	2,019	7,368	SH		SOLE		7,368	0	247
LIBERTY MEDIA CORP DELAWARE	COM	531229409	2,756	63,809	SH		SOLE		63,809	0	1,941
LINCOLN NATL CORP IND	COM	534187109	2,853	56,712	SH		SOLE		56,712	0	1,726
LINDBLAD EXPEDITIONS HLDGS I	COM	535219109	1,074	62,727	SH		SOLE		62,727	0	0
M & T BK CORP	COM	55261F104	2,228	17,499	SH		SOLE		17,499	0	526
MGM MIRAGE	COM	552953101	2,737	86,874	SH		SOLE		86,874	0	2,627
MGM GROWTH PPTYS LLC	COM	55303A105	1,949	62,275	SH		SOLE		62,275	0	1,847
MTS SYS CORP	COM	553777103	1,411	24,253	SH		SOLE		24,253	0	0
MALVERN BANCORP INC	COM	561409103	178	11,504	SH		SOLE		11,504	0	0
MARTIN MARIETTA MATLS INC	COM	573284106	2,960	10,424	SH		SOLE		10,424	0	311
MASCO CORP	COM	574599106	2,374	43,226	SH		SOLE		43,226	0	1,251
MATTHEWS INTL CORP	CL A	577128101	1,139	38,756	SH		SOLE		38,756	0	0
MAYVILLE ENGINEERING CO INC	COM	578605107	801	59,669	SH		SOLE		59,669	0	0
MERCURY COMPUTER SYS	COM	589378108	2,519	28,607	SH		SOLE		28,607	0	960
NATIONAL FUEL GAS CO N J	COM	636180101	3,436	83,539	SH		SOLE		83,539	0	152
NATIONAL VISION HLDGS INC	COM	63845R107	4,773	105,389	SH		SOLE		105,389	0	308
NATUS MEDICAL INC DEL	COM	639050103	1,401	69,915	SH		SOLE		69,915	0	0
NEUROCRINE BIOSCIENCES INC	COM	64125C109	293	3,054	SH		SOLE		3,054	0	38
NEW FORTRESS ENERGY LLC	COM	644393100	9,412	175,639	SH		SOLE		175,639	0	320
NEWMARK GROUP INC	COM	65158N102	9,858	1,352,288	SH		SOLE		1,352,288	0	1,976
NEXSTAR BROADCASTING GROUP I	CL A	65336K103	9,675	88,603	SH		SOLE		88,603	0	162
NICE SYS LTD	SPONSOR	653656108	2,044	7,208	SH		SOLE		7,208	0	237
NORTHWEST NAT HLDG CO	COM	66765N105	1,128	24,527	SH		SOLE		24,527	0	0
NOW INC	COM	67011P100	1,052	146,563	SH		SOLE		146,563	0	0
O-I GLASS INC	COM	67098H104	9,244	776,774	SH		SOLE		776,774	0	1,105
OSI SYSTEMS INC	COM	671044105	1,373	14,727	SH		SOLE		14,727	0	0
OLD POINT FINL CORP	COM	680194107	216	11,389	SH		SOLE		11,389	0	0
OPTION CARE HEALTH INC	COM	68404L201	9,609	614,384	SH		SOLE		614,384	0	1,104
ORIGIN BANCORP INC	COM	68621T102	1,074	38,682	SH		SOLE		38,682	0	0
ORRSTOWN FINL SVCS INC	COM	687380105	688	41,581	SH		SOLE		41,581	0	0
PPD INC	COM	69355F102	3,038	88,792	SH		SOLE		88,792	0	2,663
PVH CORP	COM	693656100	2,305	24,547	SH		SOLE		24,547	0	812
PAPA JOHNS INTL INC	COM	698813102	5,262	62,019	SH		SOLE		62,019	0	113
PEOPLES UNITED FINANCIAL INC	COM	712704105	2,198	170,010	SH		SOLE		170,010	0	5,646
PERFORMANCE FOOD GROUP CO	COM	71377A103	7,064	148,363	SH		SOLE		148,363	0	278
PINNACLE FINL PARTNERS INC	COM	72346Q104	3,766	58,476	SH		SOLE		58,476	0	1,749
PINNACLE WEST	CAP COR	723484101	2,104	26,311	SH		SOLE		26,311	0	737
PIXELWORKS INC	COM NEW	72581M305	536	190,039	SH		SOLE		190,039	0	0
PLANET FITNESS INC	COM	72703H101	9,128	117,588	SH		SOLE		117,588	0	977
POSTAL REALTY TRUST INC	COM	73757R102	550	32,598	SH		SOLE		32,598	0	0
POWELL INDS INC	COM	739128106	1,149	38,966	SH		SOLE		38,966	0	0
PRIMERICA INC	COM	74164M108	2,009	14,999	SH		SOLE		14,999	0	514
PROVIDENCE SVC CORP	COM	743815102	818	5,904	SH		SOLE		5,904	0	100
PURE STORAGE INC	COM	74624M102	8,613	380,924	SH		SOLE		380,924	0	708
QTS RLTY TR INC	COM CL	74736A103	5,807	93,836	SH		SOLE		93,836	0	185
QUEST DIAGNOSTICS INC	COM	74834L100	2,513	21,091	SH		SOLE		21,091	0	617
R1 RCM INC	COM	749397105	7,559	314,680	SH		SOLE		314,680	0	550
REV GROUP INC	COM	749527107	1,213	137,694	SH		SOLE		137,694	0	0
RAMBUS INC DEL	COM	750917106	7,929	454,142	SH		SOLE		454,142	0	852
RAPID7 INC	COM	753422104	9,948	110,340	SH		SOLE		110,340	0	195
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	8,365	123,453	SH		SOLE		123,453	0	219
SSR MNG INC	COM	784730103	3,923	195,099	SH		SOLE		195,099	0	368
SABRE CORP	COM	78573M104	10,756	894,858	SH		SOLE		894,858	0	7,079
SANDY SPRING BANCORP INC	COM	800363103	1,418	44,053	SH		SOLE		44,053	0	0
SCHNEIDER NATIONAL INC	COM	80689H102	1,228	59,336	SH		SOLE		59,336	0	1,988
SCIENTIFIC GAMES CORP	CL A	80874P109	7,464	179,908	SH		SOLE		179,908	0	316
SCRIPPS E W CO OHIO	CL A NE	811054402	10,736	702,174	SH		SOLE		702,174	0	1,299
SEAWORLD ENTMT INC	COM	81282V100	8,529	270,002	SH		SOLE		270,002	0	519
SEMTECH CORP	COM	816850101	6,076	84,288	SH		SOLE		84,288	0	158
SHORE BANCSHARES INC	COM	825107105	1,289	88,259	SH		SOLE		88,259	0	0
SI BONE INC	COM	825704109	4,730	158,179	SH		SOLE		158,179	0	278
SILICON MOTION TECHNOLOGY CO	SPONSOR	82706C108	6,816	141,561	SH		SOLE		141,561	0	269
SITIME CORPORATION	COM	82982T106	5,297	47,322	SH		SOLE		47,322	0	92
SIX FLAGS ENTMT CORP NEW	COM	83001A102	1,958	57,428	SH		SOLE		57,428	0	1,925
SKYWORKS SOLUTIONS INC	COM	83088M102	2,667	17,445	SH		SOLE		17,445	0	574
SMARTFINANCIAL INC	COM	83190L208	834	45,975	SH		SOLE		45,975	0	0
SOUTH ST CORP	COM	840441109	8,660	119,776	SH		SOLE		119,776	0	212
SOUTHERN FIRST BANCSHARES IN	COM	842873101	941	26,629	SH		SOLE		26,629	0	0
SOUTHERN NATL BANCORP OF VA	COM	843395104	1,211	100,007	SH		SOLE		100,007	0	0
SPIRIT AEROSYSTEMS HLDGS INC	COM CL	848574109	7,403	189,382	SH		SOLE		189,382	0	341
STEEL DYNAMICS INC	COM	858119100	3,107	84,276	SH		SOLE		84,276	0	2,498
STEELCASE INC	CL A	858155203	8,843	652,642	SH		SOLE		652,642	0	859
STEWART INFORMATION SVCS COR	COM	860372101	5,924	122,494	SH		SOLE		122,494	0	224
SUN COMMUNITIES INC	COM	866674104	2,447	16,106	SH		SOLE		16,106	0	466
SYNEOS HEALTH INC	COM	87166B102	10,350	151,920	SH		SOLE		151,920	0	279
TPI COMPOSITES INC	COM	87266J104	7,851	148,747	SH		SOLE		148,747	0	263
TABULA RASA HEALTHCARE INC	COM	873379101	2,609	60,909	SH		SOLE		60,909	0	0
TELEFLEX INC	COM	879369106	371	902	SH		SOLE		902	0	16
TENNANT CO	COM	880345103	2,166	30,862	SH		SOLE		30,862	0	0
TERADYNE INC	COM	880770102	4,642	38,715	SH		SOLE		38,715	0	1,134
TEVA PHARMACEUTICAL FIN LLC	DBCV	88163VAE9	478	480,000	SH		SOLE		480,000	0	0
TITAN INTL INC ILL	COM	88830M102	232	47,831	SH		SOLE		47,831	0	0
TOWNEBANK PORTSMOUTH VA	COM	89214P109	1,234	52,572	SH		SOLE		52,572	0	0
TRANSUNION	COM	89400J107	2,903	29,258	SH		SOLE		29,258	0	858
TRIPADVISOR INC	COM	896945201	10,652	370,111	SH		SOLE		370,111	0	3,283
TYLER TECHNOLOGIES INC	COM	902252105	3,397	7,782	SH		SOLE		7,782	0	221
USA TRUCK INC	COM	902925106	1,113	124,682	SH		SOLE		124,682	0	0
UNITED RENTALS INC	COM	911363109	2,403	10,361	SH		SOLE		10,361	0	342
UPWORK INC	COM	91688F104	6,037	174,882	SH		SOLE		174,882	0	329
VAIL RESORTS INC	COM	91879Q109	2,060	7,385	SH		SOLE		7,385	0	235
VANGUARD INDEX FDS	EXTEND	922908652	796	4,834	SH		SOLE		4,834	0	123
VISTRA ENERGY CORP	COM	92840M102	452	22,996	SH		SOLE		22,996	0	270
VOYA FINL INC	COM	929089100	2,623	44,602	SH		SOLE		44,602	0	1,355
WELBILT INC	COM	949090104	1,082	81,996	SH		SOLE		81,996	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	11,300	188,484	SH		SOLE		188,484	0	1,169
WESTERN DIGITAL CORP	COM	958102105	3,537	63,859	SH		SOLE		63,859	0	1,937
WORKIVA INC	COM	98139A105	6,794	74,151	SH		SOLE		74,151	0	137
XPO LOGISTICS INC	COM	983793100	11,111	93,217	SH		SOLE		93,217	0	862
ALLEGION PUB LTD CO	ORD SHS	G0176J109	2,080	17,875	SH		SOLE		17,875	0	584
ARCH CAP GROUP LTD	ORD	G0450A105	2,468	68,424	SH		SOLE		68,424	0	2,114
AXALTA COATING SYS LTD	COM	G0750C108	7,638	267,542	SH		SOLE		267,542	0	3,094
GAN LTD	COM	G3728V109	2,527	124,597	SH		SOLE		124,597	0	0
GATES INDUSTRIAL CORPRATIN	COM	G39108108	8,660	678,680	SH		SOLE		678,680	0	1,298
LUXFER HOLDINGS PLC	COM	G5698W116	2,528	153,988	SH		SOLE		153,988	0	0
MARVELL TECHNOLOGY GROUP LTD	ORD	G5876H105	506	10,646	SH		SOLE		10,646	0	118
NVENT ELECTRIC PLC	COM	G6700G107	7,476	321,013	SH		SOLE		321,013	0	579
OXFORD IMMUNOTEC GLOBAL PLC	ORD SHS	G6855A103	7,993	457,674	SH		SOLE		457,674	0	761
CRESCENT ACQUISITION CORP	COM	G9087Q102	8,085	553,039	SH		SOLE		553,039	0	1,053
VENATOR MATLS PLC	COM	G9329Z100	1,115	336,882	SH		SOLE		336,882	0	0