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	7,373	129,028	SH		SOLE		129,028	0	215
ALLEGRO MICROSYSTEMS INC	COM	01749D105	1,816	71,624	SH		SOLE		71,624	0	1,488
ALLIANCE DATA SYSTEMS CORP	COM	018581108	10,912	97,354	SH		SOLE		97,354	0	163
ALLISON TRANSMISSION HLDGS I	COM	01973R101	1,738	42,574	SH		SOLE		42,574	0	1,158
ALPHATEC HLDGS INC	COM	02081G201	8,669	549,013	SH		SOLE		549,013	0	912
AMALGAMATED FINANCIAL CORP	COM	022671101	2,357	142,091	SH		SOLE		142,091	0	0
AMERICAN AXLE & MFG HLDGS IN	COM	024061103	10,082	1,043,662	SH		SOLE		1,043,662	0	1,748
AMERICAN VANGUARD CORP	COM	030371108	1,143	55,993	SH		SOLE		55,993	0	0
AMERICOLD RLTY TR	COM	03064D108	451	11,722	SH		SOLE		11,722	0	153
AMERIS BANCORP	COM	03076K108	13,911	264,927	SH		SOLE		264,927	0	436
AMETEK INC	COM	031100100	527	4,127	SH		SOLE		4,127	0	51
ASPEN GROUP INC	COM	04530L203	3,120	520,056	SH		SOLE		520,056	0	0
AVAYA HLDGS CORP	COM	05351X101	7,248	258,596	SH		SOLE		258,596	0	421
AVANTOR INC	COM	05352A100	2,857	98,748	SH		SOLE		98,748	0	3,249
BJS WHSL CLUB HLDGS INC	COM	05550J101	6,331	141,121	SH		SOLE		141,121	0	239
BALLYS CORPORATION	COM	05875B106	13,994	215,352	SH		SOLE		215,352	0	350
BANKUNITED INC	COM	06652K103	14,551	331,079	SH		SOLE		331,079	0	600
BAUSCH HEALTH COS INC	COM	071734107	2,684	84,559	SH		SOLE		84,559	0	2,861
BIOMARIN PHARMACEUTICAL INC	COM	09061G101	266	3,521	SH		SOLE		3,521	0	46
BOYD GAMING CORP	COM	103304101	9,493	161,003	SH		SOLE		161,003	0	259
BRIGHTVIEW HLDGS INC	COM	10948C107	2,708	160,545	SH		SOLE		160,545	0	0
BURLINGTON STORES INC	COM	122017106	3,341	11,183	SH		SOLE		11,183	0	328
CF INDS HLDGS INC	COM	125269100	2,237	49,285	SH		SOLE		49,285	0	1,494
CACI INTL INC	COM	127190304	375	1,519	SH		SOLE		1,519	0	19
CALAVO GROWERS INC	COM	128246105	2,281	29,374	SH		SOLE		29,374	0	0
CALERES INC	COM	129500104	14,522	666,140	SH		SOLE		666,140	0	997
CANADA GOOSE HLDGS INC	COM	135086106	5,458	139,047	SH		SOLE		139,047	0	233
CARDLYTICS INC	COM	14161W105	4,441	40,483	SH		SOLE		40,483	0	64
CARPENTER TECHNOLOGY CORP	COM	144285103	7,964	193,545	SH		SOLE		193,545	0	320
CATALENT INC	COM	148806102	3,094	29,378	SH		SOLE		29,378	0	843
CENTENNIAL RESOURCE DEV INC	NOTE	15136AAA0	956	1,000,000	PRN		SOLE		1,000,000	0	0
CHAMPIONX CORPORATION	COM	15872M104	12,663	582,744	SH		SOLE		582,744	0	953
CHART INDS INC	COM	16115Q308	10,616	74,578	SH		SOLE		74,578	0	122
CHENIERE ENERGY INC	NOTE	16411RAG4	940	1,150,000	PRN		SOLE		1,150,000	0	0
COLFAX CORP	COM	194014106	7,261	165,743	SH		SOLE		165,743	0	272
COMMUNITY BANKERS TR CORP	COM	203612106	1,670	189,321	SH		SOLE		189,321	0	0
COMMUNITY HEALTH SYS INC NEW	COM	203668108	12,437	919,916	SH		SOLE		919,916	0	1,514
CONMED CORP	COM	207410101	11,503	88,084	SH		SOLE		88,084	0	923
CRYOLIFE INC	COM	228903100	9,369	414,923	SH		SOLE		414,923	0	533
DAKTRONICS INC	COM	234264109	1,042	166,217	SH		SOLE		166,217	0	0
DANA INC	COM	235825205	8,365	343,811	SH		SOLE		343,811	0	558
DELEK US HLDGS INC NEW	COM	24665A103	2,595	119,131	SH		SOLE		119,131	0	0
DENNYS CORP	COM	24869P104	1,826	100,833	SH		SOLE		100,833	0	0
DIAMONDBACK ENERGY INC	COM	25278X109	1,908	25,968	SH		SOLE		25,968	0	825
DIGITAL RLTY TR INC	COM	253868103	496	3,524	SH		SOLE		3,524	0	46
DISH NETWORK CORPORATION	NOTE	25470MAD1	5,574	5,799,000	PRN		SOLE		5,799,000	0	0
DOUGLAS DYNAMICS INC	COM	25960R105	2,417	52,366	SH		SOLE		52,366	0	0
DRIVE SHACK INC	COM	262077100	2,083	648,781	SH		SOLE		648,781	0	0
DZS INC	COM	268211109	560	35,992	SH		SOLE		35,992	0	0
ESQUIRE FINL HLDGS INC	COM	29667J101	798	35,002	SH		SOLE		35,002	0	0
ESSENTIAL PPTYS RLTY TR INC	COM	29670E107	5,925	259,525	SH		SOLE		259,525	0	454
EVANS BANCORP INC	COM	29911Q208	2,234	65,915	SH		SOLE		65,915	0	0
EXELIXIS INC	COM	30161Q104	8,007	354,456	SH		SOLE		354,456	0	3,101
FB FINL CORP	COM	30257X104	10,253	230,620	SH		SOLE		230,620	0	424
FARMER BROS CO	COM	307675108	2,011	192,643	SH		SOLE		192,643	0	0
FERRO CORP	COM	315405100	451	26,763	SH		SOLE		26,763	0	0
FIDELITY NATIONAL FINANCIAL	COM	31620R303	2,097	51,584	SH		SOLE		51,584	0	1,489
FIRST CMNTY CORP S C	COM	319835104	1,249	62,585	SH		SOLE		62,585	0	0
FIVE BELOW INC	COM	33829M101	3,226	16,907	SH		SOLE		16,907	0	492
FIVE9 INC	COM	338307101	2,069	13,235	SH		SOLE		13,235	0	439
FLOOR & DECOR HLDGS INC	COM	339750101	2,007	21,017	SH		SOLE		21,017	0	679
FORTUNA SILVER MINES INC	COM	349915108	1,671	258,285	SH		SOLE		258,285	0	0
FOX CORP	COM	35137L204	2,447	70,042	SH		SOLE		70,042	0	2,081
G III APPAREL GROUP LTD	COM	36237H101	1,973	65,446	SH		SOLE		65,446	0	0
GODADDY INC	COM	380237107	2,901	37,377	SH		SOLE		37,377	0	1,109
GOGO INC	COM	38046C109	5,020	519,666	SH		SOLE		519,666	0	849
GOLAR LNG LTD	NOTE	38046YAB7	1,448	1,500,000	PRN		SOLE		1,500,000	0	0
GOLDEN ENTMT INC	COM	381013101	15,189	601,293	SH		SOLE		601,293	0	959
GRACE W R & CO DEL NEW	COM	38388F108	9,428	157,503	SH		SOLE		157,503	0	1,215
GRAHAM CORP	COM	384556106	1,068	75,006	SH		SOLE		75,006	0	0
GRAY TELEVISION INC	COM	389375106	12,871	699,496	SH		SOLE		699,496	0	1,195
HALOZYME THERAPEUTICS INC	COM	40637H109	11,211	268,917	SH		SOLE		268,917	0	2,295
HARSCO CORP	COM	415864107	6,688	389,995	SH		SOLE		389,995	0	624
HAWAIIAN HOLDINGS INC	COM	419879101	966	36,205	SH		SOLE		36,205	0	0
HAYNES INTERNATIONAL INC	COM	420877201	945	31,857	SH		SOLE		31,857	0	0
HEALTHCARE TR AMER INC	COM	42225P501	2,034	73,744	SH		SOLE		73,744	0	2,400
HERITAGE FINL CORP WASH	COM	42722X106	1,335	47,263	SH		SOLE		47,263	0	0
HERITAGE INS HLDGS INC	COM	42727J102	2,155	194,525	SH		SOLE		194,525	0	0
HERSHA HOSPITALITY TR	COM	427825500	798	75,682	SH		SOLE		75,682	0	0
HESS CORP	COM	42809H107	375	5,300	SH		SOLE		5,300	0	67
HOLLYFRONTIER CORP	COM	436106108	2,535	70,862	SH		SOLE		70,862	0	2,191
HUNTSMAN CORP	COM	447011107	7,583	263,034	SH		SOLE		263,034	0	491
HURON CONSULTING GROUP INC	COM	447462102	802	15,911	SH		SOLE		15,911	0	0
IAC INTERACTIVECORP NEW	COM	44891N109	3,614	16,707	SH		SOLE		16,707	0	502
IAA INC	COM	449253103	2,190	39,726	SH		SOLE		39,726	0	1,103
IMEDIA BRANDS INC	COM	452465206	150	19,327	SH		SOLE		19,327	0	0
INDUS REALTY TRUST INC	COM	45580R103	1,426	23,704	SH		SOLE		23,704	0	0
INSTALLED BLDG PRODS INC	COM	45780R101	7,160	64,574	SH		SOLE		64,574	0	108
INTERFACE INC	COM	458665304	2,575	206,317	SH		SOLE		206,317	0	0
INVESTAR HLDG CORP	COM	46134L105	1,030	50,127	SH		SOLE		50,127	0	0
I3 VERTICALS INC	COM	46571Y107	1,174	37,718	SH		SOLE		37,718	0	0
KIRBY CORP	COM	497266106	11,722	194,461	SH		SOLE		194,461	0	1,885
KNOLL INC	COM	498904200	2,784	168,649	SH		SOLE		168,649	0	0
KULICKE & SOFFA INDS INC	COM	501242101	10,070	205,048	SH		SOLE		205,048	0	329
LAMB WESTON HLDGS INC	COM	513272104	3,174	40,968	SH		SOLE		40,968	0	1,222
LEAF GROUP LTD	COM	52177G102	975	151,196	SH		SOLE		151,196	0	0
LENDINGTREE INC NEW	COM	52603B107	3,228	15,155	SH		SOLE		15,155	0	32
LENNOX INTL INC	COM	526107107	1,960	6,289	SH		SOLE		6,289	0	219
LIBERTY MEDIA CORP DEL	COM	531229409	3,136	71,149	SH		SOLE		71,149	0	2,177
LINCOLN NATL CORP IND	COM	534187109	3,531	56,701	SH		SOLE		56,701	0	1,719
M & T BK CORP	COM	55261F104	3,103	20,468	SH		SOLE		20,468	0	633
MGM RESORTS INTERNATIONAL	COM	552953101	3,298	86,803	SH		SOLE		86,803	0	2,616
MGM GROWTH PPTYS LLC	COM	55303A105	2,033	62,311	SH		SOLE		62,311	0	1,835
MAGNACHIP SEMICONDUCTOR CORP	COM	55933J203	11,018	442,472	SH		SOLE		442,472	0	723
MARTIN MARIETTA MATLS INC	COM	573284106	3,484	10,376	SH		SOLE		10,376	0	308
MASCO CORP	COM	574599106	544	9,090	SH		SOLE		9,090	0	144
MATCH GROUP INC NEW	COM	57667L107	492	3,583	SH		SOLE		3,583	0	41
MERCURY SYS INC	COM	589378108	2,413	34,148	SH		SOLE		34,148	0	1,140
MODIVCARE INC	COM	60783X104	9,955	67,207	SH		SOLE		67,207	0	111
MONTAUK RENEWABLES INC	COM	61218C103	1,089	90,147	SH		SOLE		90,147	0	0
NATIONAL CINEMEDIA INC	COM	635309107	2,028	438,965	SH		SOLE		438,965	0	0
NATIONAL VISION HLDGS INC	COM	63845R107	6,748	153,963	SH		SOLE		153,963	0	350
NATUS MED INC DEL	COM	639050103	1,157	45,163	SH		SOLE		45,163	0	0
NEUROCRINE BIOSCIENCES INC	COM	64125C109	296	3,043	SH		SOLE		3,043	0	38
NEWMARK GROUP INC	COM	65158N102	9,262	925,772	SH		SOLE		925,772	0	1,516
NEWPARK RES INC	COM	651718504	1,390	442,646	SH		SOLE		442,646	0	0
NEXSTAR MEDIA GROUP INC	COM	65336K103	10,293	73,296	SH		SOLE		73,296	0	118
NICE LTD	COM	653656108	1,572	7,212	SH		SOLE		7,212	0	238
NORTHWEST NAT HLDG CO	COM	66765N105	2,860	53,007	SH		SOLE		53,007	0	0
O-I GLASS INC	COM	67098H104	9,050	613,954	SH		SOLE		613,954	0	932
OSI SYSTEMS INC	COM	671044105	1,084	11,280	SH		SOLE		11,280	0	0
OLD POINT FINL CORP	COM	680194107	268	11,389	SH		SOLE		11,389	0	0
OPEN LENDING CORP	COM	68373J104	4,809	135,767	SH		SOLE		135,767	0	213
OPTION CARE HEALTH INC	COM	68404L201	8,596	484,575	SH		SOLE		484,575	0	764
ORIGIN BANCORP INC	COM	68621T102	1,334	31,455	SH		SOLE		31,455	0	0
ORRSTOWN FINL SVCS INC	COM	687380105	927	41,581	SH		SOLE		41,581	0	0
PDC ENERGY INC	COM	69327R101	13,353	388,160	SH		SOLE		388,160	0	621
PPD INC	COM	69355F102	3,354	88,632	SH		SOLE		88,632	0	2,647
PVH CORPORATION	COM	693656100	3,074	29,081	SH		SOLE		29,081	0	869
PAPA JOHNS INTL INC	COM	698813102	7,293	82,279	SH		SOLE		82,279	0	131
PEBBLEBROOK HOTEL TR	COM	70509V100	1,740	71,651	SH		SOLE		71,651	0	2,448
PEOPLES UNITED FINANCIAL INC	COM	712704105	3,478	194,313	SH		SOLE		194,313	0	6,008
PERFORMANCE FOOD GROUP CO	COM	71377A103	9,062	157,291	SH		SOLE		157,291	0	253
PINNACLE FINL PARTNERS INC	COM	72346Q104	4,594	51,819	SH		SOLE		51,819	0	1,554
PIXELWORKS INC	COM	72581M305	1,287	388,771	SH		SOLE		388,771	0	0
PLANET FITNESS INC	COM	72703H101	10,693	138,328	SH		SOLE		138,328	0	1,167
PLBY GROUP INC	COM	72814P109	797	40,663	SH		SOLE		40,663	0	0
POWELL INDS INC	COM	739128106	1,981	58,480	SH		SOLE		58,480	0	0
PRIMERICA INC	COM	74164M108	2,242	15,167	SH		SOLE		15,167	0	517
PRIMIS FINANCIAL CORP	COM	74167B109	1,191	81,895	SH		SOLE		81,895	0	0
PURE STORAGE INC	COM	74624M102	8,489	394,099	SH		SOLE		394,099	0	643
QUEST DIAGNOSTICS INC	COM	74834L100	2,710	21,118	SH		SOLE		21,118	0	613
R1 RCM INC	COM	749397105	8,307	336,596	SH		SOLE		336,596	0	551
RAMBUS INC DEL	COM	750917106	7,177	369,201	SH		SOLE		369,201	0	602
RAPID7 INC	COM	753422104	7,424	99,506	SH		SOLE		99,506	0	164
RICE ACQUISITION CORP	COM	762594109	439	43,396	SH		SOLE		43,396	0	0
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	9,769	126,036	SH		SOLE		126,036	0	217
SABRE CORP	COM	78573M104	14,426	974,046	SH		SOLE		974,046	0	8,591
SCIENTIFIC GAMES CORP	COM	80874P109	7,995	207,565	SH		SOLE		207,565	0	335
SCRIPPS E W CO OHIO	COM	811054402	10,505	545,169	SH		SOLE		545,169	0	904
SEAWORLD ENTMT INC	COM	81282V100	11,325	228,008	SH		SOLE		228,008	0	364
SELECT ENERGY SVCS INC	COM	81617J301	1,756	352,522	SH		SOLE		352,522	0	0
SEMTECH CORP	COM	816850101	8,716	126,312	SH		SOLE		126,312	0	206
SHORE BANCSHARES INC	COM	825107105	1,772	104,127	SH		SOLE		104,127	0	0
SI BONE INC	COM	825704109	6,357	199,831	SH		SOLE		199,831	0	330
SILICON MOTION TECHNOLOGY CO	COM	82706C108	8,599	144,790	SH		SOLE		144,790	0	238
SILVERGATE CAP CORP	COM	82837P408	3,849	27,076	SH		SOLE		27,076	0	42
SIX FLAGS ENTMT CORP NEW	COM	83001A102	2,732	58,781	SH		SOLE		58,781	0	1,958
SKYWORKS SOLUTIONS INC	COM	83088M102	3,775	20,577	SH		SOLE		20,577	0	640
SMARTFINANCIAL INC	COM	83190L208	899	41,509	SH		SOLE		41,509	0	0
SOUTH ST CORP	COM	840441109	11,240	143,171	SH		SOLE		143,171	0	234
SPIRIT AEROSYSTEMS HLDGS INC	COM	848574109	9,409	193,396	SH		SOLE		193,396	0	338
SPIRIT AIRLS INC	COM	848577102	10,245	277,650	SH		SOLE		277,650	0	451
STEEL DYNAMICS INC	COM	858119100	3,703	72,959	SH		SOLE		72,959	0	2,138
STEELCASE INC	COM	858155203	16,061	1,116,093	SH		SOLE		1,116,093	0	5,091
STEREOTAXIS INC	COM	85916J409	126	18,695	SH		SOLE		18,695	0	0
SUMMIT HOTEL PPTYS INC	COM	866082100	1,527	150,322	SH		SOLE		150,322	0	0
SYNEOS HEALTH INC	COM	87166B102	9,921	130,803	SH		SOLE		130,803	0	227
TPI COMPOSITES INC	COM	87266J104	10,254	181,715	SH		SOLE		181,715	0	250
TABULA RASA HEALTHCARE INC	COM	873379101	3,425	74,370	SH		SOLE		74,370	0	0
TELEFLEX INCORPORATED	COM	879369106	368	886	SH		SOLE		886	0	10
TENNANT CO	COM	880345103	251	3,147	SH		SOLE		3,147	0	0
TERADYNE INC	COM	880770102	4,665	38,339	SH		SOLE		38,339	0	1,131
TILRAY INC	NOTE	88688TAB6	367	400,000	PRN		SOLE		400,000	0	0
TITAN INTL INC ILL	COM	88830M102	728	78,439	SH		SOLE		78,439	0	0
TRANSUNION	COM	89400J107	2,608	28,973	SH		SOLE		28,973	0	859
TREAN INS GROUP INC	COM	89457R101	624	38,662	SH		SOLE		38,662	0	0
TRIPADVISOR INC	COM	896945201	12,097	224,889	SH		SOLE		224,889	0	2,136
TURNING PT BRANDS INC	COM	90041l105	1,939	37,173	SH		SOLE		37,173	0	0
TYLER TECHNOLOGIES INC	COM	902252105	3,470	8,173	SH		SOLE		8,173	0	223
UNITED RENTALS INC	COM	911363109	3,470	10,536	SH		SOLE		10,536	0	344
UPWORK INC	COM	91688F104	5,571	124,441	SH		SOLE		124,441	0	214
US ECOLOGY INC	COM	91734M103	3,667	88,074	SH		SOLE		88,074	0	0
VAIL RESORTS INC	COM	91879Q109	2,142	7,343	SH		SOLE		7,343	0	239
VANGUARD INDEX FDS	COM	922908652	567	3,206	SH		SOLE		3,206	0	309
VIAD CORP	COM	92552R406	3,218	77,070	SH		SOLE		77,070	0	0
VIEWRAY INC	COM	92672L107	1,249	287,022	SH		SOLE		287,022	0	0
VISTRA CORP	COM	92840M102	398	22,530	SH		SOLE		22,530	0	270
VOYA FINANCIAL INC	COM	929089100	2,829	44,448	SH		SOLE		44,448	0	1,349
WESTERN ALLIANCE BANCORP	COM	957638109	16,065	170,103	SH		SOLE		170,103	0	1,096
WESTERN DIGITAL CORP.	COM	958102105	3,134	46,953	SH		SOLE		46,953	0	1,393
WORKIVA INC	COM	98139A105	7,635	86,505	SH		SOLE		86,505	0	144
XPO LOGISTICS INC	COM	983793100	10,752	87,205	SH		SOLE		87,205	0	838
ARCH CAP GROUP LTD	COM	G0450A105	2,676	69,747	SH		SOLE		69,747	0	2,129
AXALTA COATING SYS LTD	COM	G0750C108	2,478	83,789	SH		SOLE		83,789	0	2,734
GAN LTD	COM	G3728V109	1,816	99,769	SH		SOLE		99,769	0	0
GATES INDUSTRIAL CORPRATIN P	COM	G39108108	12,057	754,003	SH		SOLE		754,003	0	1,256
LUXFER HOLDINGS PLC	COM	G5698W116	829	38,935	SH		SOLE		38,935	0	0
MARVELL TECHNOLOGY GROUP LTD	COM	G5876H105	461	9,416	SH		SOLE		9,416	0	118
NORWEGIAN CRUISE LINE HLDG L	COM	G66721104	2,495	90,417	SH		SOLE		90,417	0	2,756
NVENT ELECTRIC PLC	COM	G6700G107	11,744	420,798	SH		SOLE		420,798	0	3,043
TECHNIPFMC PLC	COM	G87110105	10,338	1,339,140	SH		SOLE		1,339,140	0	8,061
TRONOX HOLDINGS PLC	COM	G9087Q102	8,727	476,870	SH		SOLE		476,870	0	802
PLAYA HOTELS & RESORTS NV	COM	N70544106	938	128,512	SH		SOLE		128,512	0	0