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
AAR CORP	COM	000361105	3,001	92,549	SH		SOLE		92,549	0	0
ACADIA HEALTHCARE COMPANY IN	COM	00404A109	9,226	144,657	SH		SOLE		144,657	0	234
ALLEGIANT TRAVEL CO	COM	01748X102	7,597	38,862	SH		SOLE		38,862	0	63
ALLEGRO MICROSYSTEMS INC	COM	01749D105	2,768	86,600	SH		SOLE		86,600	0	2,818
ALLIANCE DATA SYSTEMS CORP	COM	018581108	12,167	120,597	SH		SOLE		120,597	0	872
ALPHATEC HLDGS INC	COM NEW	02081G201	12,900	1,058,255	SH		SOLE		1,058,255	0	1,735
ALTO INGREDIENTS INC	COM	021513106	3,247	657,255	SH		SOLE		657,255	0	0
AMERICAN AXLE & MFG HLDGS IN	COM	024061103	11,924	1,353,471	SH		SOLE		1,353,471	0	2,067
AMERICAN VANGUARD CORP	COM	030371108	3,613	240,038	SH		SOLE		240,038	0	0
AMERICOLD RLTY TR	COM	03064D108	326	11,215	SH		SOLE		11,215	0	0
AMERIS BANCORP	COM	03076K108	13,489	259,996	SH		SOLE		259,996	0	425
AMETEK INC	COM	031100100	491	3,962	SH		SOLE		3,962	0	0
ANDERSONS INC	COM	034164103	1,251	40,569	SH		SOLE		40,569	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	2,742	71,821	SH		SOLE		71,821	0	1,911
ASPEN GROUP INC	COM NEW	04530L203	3,157	566,843	SH		SOLE		566,843	0	0
AVANTOR INC	COM	05352A100	3,946	96,488	SH		SOLE		96,488	0	3,055
AVIENT CORPORATION	COM	05368V106	6,814	147,005	SH		SOLE		147,005	0	246
AXALTA COATING SYS LTD	COM	G0750C108	2,368	81,126	SH		SOLE		81,126	0	2,567
BALLYS CORPORATION	COM	05875B106	14,434	287,869	SH		SOLE		287,869	0	483
BANKUNITED INC	COM	06652K103	13,766	329,163	SH		SOLE		329,163	0	600
BAUSCH HEALTH COS INC	COM	071734107	3,061	109,893	SH		SOLE		109,893	0	3,287
BIOMARIN PHARMACEUTICAL INC	COM	09061G101	318	4,117	SH		SOLE		4,117	0	0
BJS WHSL CLUB HLDGS INC	COM	05550J101	7,444	135,535	SH		SOLE		135,535	0	224
BOYD GAMING CORP	COM	103304101	8,458	133,701	SH		SOLE		133,701	0	222
BRAEMAR HOTELS & RESORTS INC	COM	10482B101	966	199,150	SH		SOLE		199,150	0	0
BRIGHTVIEW HLDGS INC	COM	10948C107	2,195	148,729	SH		SOLE		148,729	0	0
BURLINGTON STORES INC	COM	122017106	2,675	9,433	SH		SOLE		9,433	0	244
CACI INTL INC	CL A	127190304	383	1,463	SH		SOLE		1,463	0	0
CALERES INC	COM	129500104	13,549	609,746	SH		SOLE		609,746	0	971
CALIFORNIA RES CORP	COM STOCK	13057Q305	10,556	257,460	SH		SOLE		257,460	0	440
CANADA GOOSE HLDGS INC	SHS SUB VTG	135086106	8,632	242,000	SH		SOLE		242,000	0	400
CARPENTER TECHNOLOGY CORP	COM	144285103	9,771	298,430	SH		SOLE		298,430	0	346
CATALENT INC	COM	148806102	3,631	27,287	SH		SOLE		27,287	0	713
CENTURY ALUM CO	COM	156431108	8,102	602,393	SH		SOLE		602,393	0	1,012
CF INDS HLDGS INC	COM	125269100	1,003	17,966	SH		SOLE		17,966	0	0
CHAMPIONX CORPORATION	COM	15872M104	10,120	452,613	SH		SOLE		452,613	0	752
CHART INDS INC	COM	16115Q308	11,977	62,670	SH		SOLE		62,670	0	106
CHIMERIX INC	COM	16934W106	834	134,769	SH		SOLE		134,769	0	0
COLUMBUS MCKINNON CORP N Y	COM	199333105	596	12,322	SH		SOLE		12,322	0	0
COMMUNITY HEALTH SYS INC NEW	COM	203668108	12,924	1,104,636	SH		SOLE		1,104,636	0	1,856
CONMED CORP	COM	207410101	12,048	92,086	SH		SOLE		92,086	0	875
CRYOLIFE INC	COM	228903100	8,958	401,896	SH		SOLE		401,896	0	485
DAKTRONICS INC	COM	234264109	1,191	219,294	SH		SOLE		219,294	0	0
DANA INC	COM	235825205	7,617	342,508	SH		SOLE		342,508	0	558
DENBURY INC	COM	24790A101	7,321	104,209	SH		SOLE		104,209	0	174
DIAMONDBACK ENERGY INC	COM	25278X109	3,276	34,601	SH		SOLE		34,601	0	1,116
DIGITAL RLTY TR INC	COM	253868103	488	3,379	SH		SOLE		3,379	0	0
DISH NETWORK CORPORATION	NOTE 2.375% 3/1	25470MAD1	1,301	1,335,000	PRN		SOLE		1,335,000	0	0
DISH NETWORK CORPORATION	NOTE 3.375% 8/1	25470MAB5	2,994	2,880,000	PRN		SOLE		2,880,000	0	0
DOUGLAS DYNAMICS INC	COM	25960R105	2,131	58,695	SH		SOLE		58,695	0	0
ESSENTIAL PPTYS RLTY TR INC	COM	29670E107	6,684	239,390	SH		SOLE		239,390	0	415
EXELIXIS INC	COM	30161Q104	1,929	91,263	SH		SOLE		91,263	0	2,652
FARMER BROS CO	COM	307675108	2,264	269,243	SH		SOLE		269,243	0	0
FB FINL CORP	COM	30257X104	11,811	275,443	SH		SOLE		275,443	0	371
FIDELITY NATIONAL FINANCIAL	FNF GROUP COM	31620R303	2,277	50,224	SH		SOLE		50,224	0	1,282
FIRST BANCORP P R	COM NEW	318672706	10,010	761,181	SH		SOLE		761,181	0	1,268
FIVE BELOW INC	COM	33829M101	2,896	16,377	SH		SOLE		16,377	0	423
FLOOR & DECOR HLDGS INC	CL A	339750101	2,478	20,519	SH		SOLE		20,519	0	644
FOCUS FINL PARTNERS INC	COM CL A	34417P100	8,508	162,451	SH		SOLE		162,451	0	270
FORTUNA SILVER MINES INC	COM	349915108	1,780	452,799	SH		SOLE		452,799	0	0
FOX CORP	CL B COM	35137L204	2,539	68,410	SH		SOLE		68,410	0	1,814
G III APPAREL GROUP LTD	COM	36237H101	3,197	112,975	SH		SOLE		112,975	0	0
GAN LTD	SHS	G3728V109	647	43,490	SH		SOLE		43,490	0	0
GATES INDUSTRIAL CORPRATIN P	ORD SHS	G39108108	6,614	406,538	SH		SOLE		406,538	0	657
GCP APPLIED TECHNOLOGIES INC	COM	36164Y101	1,825	83,264	SH		SOLE		83,264	0	0
GODADDY INC	CL A	380237107	2,591	37,167	SH		SOLE		37,167	0	982
GOGO INC	COM	38046C109	8,252	476,984	SH		SOLE		476,984	0	767
GOLAR LNG LTD	NOTE 2.750% 2/1	38046YAB7	437	440,000	PRN		SOLE		440,000	0	0
GOLDEN ENTMT INC	COM	381013101	17,050	347,315	SH		SOLE		347,315	0	581
GOLDEN STAR RES LTD CDA	COM	38119T807	1,698	713,626	SH		SOLE		713,626	0	0
GRAHAM CORP	COM	384556106	1,903	153,472	SH		SOLE		153,472	0	0
GRAY TELEVISION INC	COM	389375106	12,065	528,717	SH		SOLE		528,717	0	891
GXO LOGISTICS INCORPORATED	COMMON STOCK	36262G101	2,278	29,040	SH		SOLE		29,040	0	778
H & E EQUIPMENT SERVICES INC	COM	404030108	14,782	425,865	SH		SOLE		425,865	0	2,847
HALOZYME THERAPEUTICS INC	COM	40637H109	11,813	290,394	SH		SOLE		290,394	0	2,176
HARSCO CORP	COM	415864107	8,826	520,689	SH		SOLE		520,689	0	866
HAWAIIAN HOLDINGS INC	COM	419879101	2,477	114,352	SH		SOLE		114,352	0	0
HEALTHCARE TR AMER INC	CL A NEW	42225P501	2,143	72,248	SH		SOLE		72,248	0	2,257
HERBALIFE NUTRITION LTD	NOTE 2.625% 3/1	42703MAD5	708	700,000	PRN		SOLE		700,000	0	0
HERITAGE FINL CORP WASH	COM	42722X106	2,106	82,602	SH		SOLE		82,602	0	0
HERSHA HOSPITALITY TR	PR SHS BEN INT	427825500	1,697	181,909	SH		SOLE		181,909	0	0
HESS CORP	COM	42809H107	499	6,393	SH		SOLE		6,393	0	0
HILLMAN SOLUTIONS CORP	COM	431636109	8,015	671,870	SH		SOLE		671,870	0	1,063
HOLLYFRONTIER CORP	COM	436106108	1,777	53,651	SH		SOLE		53,651	0	1,486
HURON CONSULTING GROUP INC	COM	447462102	1,671	32,127	SH		SOLE		32,127	0	0
I3 VERTICALS INC	COM CL A	46571Y107	2,503	103,391	SH		SOLE		103,391	0	0
IAA INC	COM	449253103	2,100	38,491	SH		SOLE		38,491	0	927
IAC INTERACTIVECORP NEW	COM NEW	44891N208	2,208	16,949	SH		SOLE		16,949	0	455
INSTALLED BLDG PRODS INC	COM	45780R101	6,887	64,279	SH		SOLE		64,279	0	108
INTERFACE INC	COM	458665304	1,261	83,235	SH		SOLE		83,235	0	0
ISHARES TR	RUSSELL 2000 ETF	464287655	508	2,324	SH		SOLE		2,324	0	0
KIMBALL INTL INC	CL B	494274103	1,914	170,930	SH		SOLE		170,930	0	0
KIRBY CORP	COM	497266106	2,520	52,550	SH		SOLE		52,550	0	1,445
KULICKE & SOFFA INDS INC	COM	501242101	12,508	214,622	SH		SOLE		214,622	0	356
LAMB WESTON HLDGS INC	COM	513272104	2,059	33,543	SH		SOLE		33,543	0	652
LENDINGTREE INC NEW	COM	52603B107	1,219	8,719	SH		SOLE		8,719	0	182
LENNOX INTL INC	COM	526107107	2,013	6,843	SH		SOLE		6,843	0	209
LIBERTY MEDIA CORP DEL	COM A SIRIUSXM	531229409	3,272	69,373	SH		SOLE		69,373	0	1,940
LIBERTY TRIPADVISOR HLDGS IN	COM SER A	531465102	2,998	970,127	SH		SOLE		970,127	0	0
LINCOLN NATL CORP IND	COM	534187109	3,778	54,959	SH		SOLE		54,959	0	1,533
LINDBLAD EXPEDITIONS HLDGS I	COM	535219109	2,914	199,734	SH		SOLE		199,734	0	0
LIVENT CORP	COM	53814L108	9,855	426,431	SH		SOLE		426,431	0	3,690
M & T BK CORP	COM	55261F104	459	3,072	SH		SOLE		3,072	0	0
MARTIN MARIETTA MATLS INC	COM	573284106	3,446	10,086	SH		SOLE		10,086	0	269
MARVELL TECHNOLOGY INC	COM	573874104	538	8,924	SH		SOLE		8,924	0	0
MASCO CORP	COM	574599106	486	8,740	SH		SOLE		8,740	0	0
MATCH GROUP INC NEW	COM	57667L107	539	3,432	SH		SOLE		3,432	0	0
MERCURY SYS INC	COM	589378108	1,470	31,007	SH		SOLE		31,007	0	988
MERITOR INC	NOTE 3.250%10/1	59001KAF7	1,840	1,755,000	PRN		SOLE		1,755,000	0	0
MGM GROWTH PPTYS LLC	CL A COM	55303A105	2,312	60,375	SH		SOLE		60,375	0	1,609
MGM RESORTS INTERNATIONAL	COM	552953101	3,655	84,712	SH		SOLE		84,712	0	2,304
MODIVCARE INC	COM	60783X104	11,097	61,101	SH		SOLE		61,101	0	100
NATIONAL CINEMEDIA INC	COM	635309107	1,126	316,326	SH		SOLE		316,326	0	0
NATIONAL VISION HLDGS INC	COM	63845R107	7,118	125,375	SH		SOLE		125,375	0	186
NEUROCRINE BIOSCIENCES INC	COM	64125C109	275	2,866	SH		SOLE		2,866	0	0
NEWMARK GROUP INC	CL A	65158N102	10,685	746,694	SH		SOLE		746,694	0	1,275
NEXSTAR MEDIA GROUP INC	CL A	65336K103	11,121	73,187	SH		SOLE		73,187	0	122
NORTHWEST NAT HLDG CO	COM	66765N105	2,870	62,403	SH		SOLE		62,403	0	0
NORWEGIAN CRUISE LINE HLDG L	SHS	G66721104	3,092	115,778	SH		SOLE		115,778	0	2,387
NVENT ELECTRIC PLC	SHS	G6700G107	7,676	237,436	SH		SOLE		237,436	0	2,573
O-I GLASS INC	COM	67098H104	8,868	621,464	SH		SOLE		621,464	0	1,032
ONEMAIN HLDGS INC	COM	68268W103	659	11,911	SH		SOLE		11,911	0	0
OPEN LENDING CORP	COM CL A	68373J104	4,809	133,329	SH		SOLE		133,329	0	213
OPTION CARE HEALTH INC	COM NEW	68404L201	10,163	418,933	SH		SOLE		418,933	0	698
OVERSTOCK COM INC DEL	COM	690370101	5,866	75,285	SH		SOLE		75,285	0	0
PAPA JOHNS INTL INC	COM	698813102	7,208	56,763	SH		SOLE		56,763	0	98
PDC ENERGY INC	COM	69327R101	16,068	339,050	SH		SOLE		339,050	0	567
PEBBLEBROOK HOTEL TR	COM	70509V100	1,760	78,548	SH		SOLE		78,548	0	2,082
PENNANT GROUP INC	COM	70805E109	1,422	50,627	SH		SOLE		50,627	0	0
PERFORMANCE FOOD GROUP CO	COM	71377A103	10,138	218,202	SH		SOLE		218,202	0	370
PINNACLE FINL PARTNERS INC	COM	72346Q104	4,744	50,423	SH		SOLE		50,423	0	1,367
PLANET FITNESS INC	CL A	72703H101	12,265	156,137	SH		SOLE		156,137	0	1,288
PLBY GROUP INC	COM	72814P109	2,976	126,267	SH		SOLE		126,267	0	0
POWELL INDS INC	COM	739128106	805	32,781	SH		SOLE		32,781	0	0
PRIMERICA INC	COM	74164M108	2,297	14,954	SH		SOLE		14,954	0	485
PURE STORAGE INC	CL A	74624M102	11,090	440,775	SH		SOLE		440,775	0	755
PVH CORPORATION	COM	693656100	2,912	28,333	SH		SOLE		28,333	0	763
QUEST DIAGNOSTICS INC	COM	74834L100	2,021	13,909	SH		SOLE		13,909	0	328
R1 RCM INC	COM	749397105	8,973	407,670	SH		SOLE		407,670	0	661
RAMBUS INC DEL	COM	750917106	7,228	325,605	SH		SOLE		325,605	0	573
RAPID7 INC	COM	753422104	9,296	82,252	SH		SOLE		82,252	0	137
RUMBLEON INC	COM CL B	781386305	465	11,926	SH		SOLE		11,926	0	0
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	11,125	132,916	SH		SOLE		132,916	0	225
SABRE CORP	COM	78573M104	14,017	1,183,862	SH		SOLE		1,183,862	0	9,287
SABRE GLBL INC	NOTE 4.000% 4/1	78573NAE2	758	440,000	PRN		SOLE		440,000	0	0
SANDSTORM GOLD LTD	COM NEW	80013R206	277	48,022	SH		SOLE		48,022	0	0
SCIENTIFIC GAMES CORP	COM	80874P109	9,571	115,216	SH		SOLE		115,216	0	197
SCRIPPS E W CO OHIO	CL A NEW	811054402	11,335	627,623	SH		SOLE		627,623	0	1,058
SEACOAST BKG CORP FLA	COM NEW	811707801	2,691	79,588	SH		SOLE		79,588	0	0
SEAWORLD ENTMT INC	COM	81282V100	10,649	192,505	SH		SOLE		192,505	0	318
SELECT ENERGY SVCS INC	CL A COM	81617J301	1,200	231,138	SH		SOLE		231,138	0	0
SEMTECH CORP	COM	816850101	9,807	125,780	SH		SOLE		125,780	0	206
SI-BONE INC	COM	825704109	6,135	286,428	SH		SOLE		286,428	0	487
SILICON MOTION TECHNOLOGY CO	SPONSORED ADR	82706C108	11,885	172,292	SH		SOLE		172,292	0	282
SIX FLAGS ENTMT CORP NEW	COM	83001A102	2,703	63,606	SH		SOLE		63,606	0	2,021
SKYWATER TECHNOLOGY INC	COM	83089J108	6,693	246,054	SH		SOLE		246,054	0	395
SKYWORKS SOLUTIONS INC	COM	83088M102	2,797	16,972	SH		SOLE		16,972	0	540
SOUTHSTATE CORPORATION	COM	840441109	9,042	121,094	SH		SOLE		121,094	0	204
SPIRIT AEROSYSTEMS HLDGS INC	COM CL A	848574109	10,656	241,134	SH		SOLE		241,134	0	393
STEEL DYNAMICS INC	COM	858119100	3,240	55,408	SH		SOLE		55,408	0	1,417
STEELCASE INC	CL A	858155203	16,121	1,271,336	SH		SOLE		1,271,336	0	6,210
SUMMIT HOTEL PPTYS INC	COM	866082100	1,776	184,415	SH		SOLE		184,415	0	0
SYNEOS HEALTH INC	CL A	87166B102	11,628	132,923	SH		SOLE		132,923	0	214
TABULA RASA HEALTHCARE INC	COM	873379101	2,095	79,930	SH		SOLE		79,930	0	0
TECHNIPFMC PLC	COM	G87110105	10,871	1,443,748	SH		SOLE		1,443,748	0	8,454
TELEFLEX INCORPORATED	COM	879369106	324	861	SH		SOLE		861	0	0
TENNANT CO	COM	880345103	1,835	24,815	SH		SOLE		24,815	0	0
TERADYNE INC	COM	880770102	3,594	32,919	SH		SOLE		32,919	0	855
TEXAS CAP BANCSHARES INC	COM	88224Q107	11,696	194,871	SH		SOLE		194,871	0	835
TILRAY INC	NOTE 5.000%10/0	88688TAB6	293	300,000	PRN		SOLE		300,000	0	0
TITAN INTL INC ILL	COM	88830M102	2,076	289,913	SH		SOLE		289,913	0	0
TRANSUNION	COM	89400J107	3,149	28,036	SH		SOLE		28,036	0	747
TREAN INS GROUP INC	COM	89457R101	1,141	110,281	SH		SOLE		110,281	0	0
TRIPADVISOR INC	COM	896945201	11,337	334,922	SH		SOLE		334,922	0	2,583
TURNING PT BRANDS INC	COM	90041L105	1,660	34,767	SH		SOLE		34,767	0	0
TYLER TECHNOLOGIES INC	COM	902252105	3,516	7,666	SH		SOLE		7,666	0	201
UNITED RENTALS INC	COM	911363109	2,418	6,890	SH		SOLE		6,890	0	233
UNITED THERAPEUTICS CORP DEL	COM	91307C102	1,604	8,692	SH		SOLE		8,692	0	282
UPWORK INC	COM	91688F104	7,669	170,307	SH		SOLE		170,307	0	280
VAIL RESORTS INC	COM	91879Q109	2,386	7,143	SH		SOLE		7,143	0	223
VANGUARD INDEX FDS	EXTEND MKT ETF	922908652	2,613	14,327	SH		SOLE		14,327	0	818
VIAD CORP	COM	92552R406	10,098	222,371	SH		SOLE		222,371	0	279
VINTAGE WINE ESTATES INC	COM	92747V106	1,825	178,708	SH		SOLE		178,708	0	0
VISTRA CORP	COM	92840M102	363	21,223	SH		SOLE		21,223	0	0
VOYA FINANCIAL INC	COM	929089100	445	7,251	SH		SOLE		7,251	0	50
WEATHERFORD INTL PLC	ORD SHS	G48833118	10,006	522,501	SH		SOLE		522,501	0	888
WESTERN ALLIANCE BANCORP	COM	957638109	2,764	25,400	SH		SOLE		25,400	0	810
WESTERN DIGITAL CORP.	COM	958102105	2,579	45,686	SH		SOLE		45,686	0	1,205
WESTPORT FUEL SYSTEMS INC	COM NEW	960908309	1,175	357,130	SH		SOLE		357,130	0	0
WIDEOPENWEST INC	COM	96758W101	10,505	534,612	SH		SOLE		534,612	0	911
XPO LOGISTICS INC	COM	983793100	2,298	28,880	SH		SOLE		28,880	0	783
YORK WTR CO	COM	987184108	330	7,565	SH		SOLE		7,565	0	0