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
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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	11,496	169,978	SH		SOLE		169,978	0	0
ALLEGRO MICROSYSTEMS INC	COM	01749D105	1,898	91,741	SH		SOLE		91,741	0	0
ALLETE INC	COM NEW	018522300	635	10,805	SH		SOLE		10,805	0	0
ALPHATEC HLDGS INC	COM NEW	02081G201	10,680	1,633,034	SH		SOLE		1,633,034	0	0
AMERICAN AXLE & MFG HLDGS IN	COM	024061103	13,454	1,786,707	SH		SOLE		1,786,707	0	0
AMERICOLD REALTY TRUST INC	COM	03064D108	389	12,938	SH		SOLE		12,938	0	0
AMERIS BANCORP	COM	03076K108	10,277	255,785	SH		SOLE		255,785	0	0
AMETEK INC	COM	031100100	409	3,719	SH		SOLE		3,719	0	0
APARTMENT INCOME REIT CORP	COM	03750L109	1,768	42,488	SH		SOLE		42,488	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	3,553	78,108	SH		SOLE		78,108	0	0
ARTIVION INC	COM	228903100	11,527	610,535	SH		SOLE		610,535	0	0
AVALONBAY CMNTYS INC	COM	053484101	330	1,697	SH		SOLE		1,697	0	0
AVANTOR INC	COM	05352A100	2,976	95,673	SH		SOLE		95,673	0	0
AVAYA HLDGS CORP	NOTE 2.250% 6/1	05351XAB7	480	500,000	PRN		SOLE		500,000	0	0
AVIENT CORPORATION	COM	05368V106	9,899	246,993	SH		SOLE		246,993	0	0
AXIS CAP HLDGS LTD	SHS	G0692U109	1,513	26,501	SH		SOLE		26,501	0	0
BALLYS CORPORATION	COM	05875B106	8,615	435,550	SH		SOLE		435,550	0	0
BAUSCH PLUS LOMB CORP	COMMON SHARES	071705107	1,846	121,120	SH		SOLE		121,120	0	0
BERKELEY LTS INC	COM	084310101	434	87,224	SH		SOLE		87,224	0	0
BIOMARIN PHARMACEUTICAL INC	COM	09061G101	406	4,897	SH		SOLE		4,897	0	0
BLOCK INC	NOTE 0.250%11/0	852234AK9	646	885,000	PRN		SOLE		885,000	0	0
BLOOMIN BRANDS INC	COM	094235108	8,628	519,129	SH		SOLE		519,129	0	0
BOYD GAMING CORP	COM	103304101	8,259	166,011	SH		SOLE		166,011	0	0
BRIGHTVIEW HLDGS INC	COM	10948C107	395	32,885	SH		SOLE		32,885	0	0
BURLINGTON STORES INC	COM	122017106	1,260	9,252	SH		SOLE		9,252	0	0
CACI INTL INC	CL A	127190304	386	1,371	SH		SOLE		1,371	0	0
CALERES INC	COM	129500104	6,593	251,274	SH		SOLE		251,274	0	0
CALIFORNIA RES CORP	COM STOCK	13057Q305	11,290	293,236	SH		SOLE		293,236	0	0
CARPENTER TECHNOLOGY CORP	COM	144285103	9,571	342,919	SH		SOLE		342,919	0	0
CATALENT INC	COM	148806102	2,709	25,248	SH		SOLE		25,248	0	0
CENTERSPACE	COM	15202L107	2,233	27,377	SH		SOLE		27,377	0	0
CF INDS HLDGS INC	COM	125269100	2,530	29,511	SH		SOLE		29,511	0	0
CHAMPIONX CORPORATION	COM	15872M104	7,067	356,038	SH		SOLE		356,038	0	0
CHART INDS INC	COM	16115Q308	16,243	97,048	SH		SOLE		97,048	0	0
CHESAPEAKE ENERGY CORP	COM	165167735	3,011	37,131	SH		SOLE		37,131	0	0
CHIMERIX INC	COM	16934W106	1,764	847,981	SH		SOLE		847,981	0	0
CLEAR CHANNEL OUTDOOR HLDGS	COM	18453H106	4,201	3,926,562	SH		SOLE		3,926,562	0	0
CODEX DNA INC	COM	192003101	944	524,422	SH		SOLE		524,422	0	0
COMMUNITY HEALTH SYS INC NEW	COM	203668108	6,361	1,696,352	SH		SOLE		1,696,352	0	0
CONMED CORP	COM	207410101	11,917	124,450	SH		SOLE		124,450	0	0
CONSTELLIUM SE	CL A SHS	F21107101	1,265	95,733	SH		SOLE		95,733	0	0
CORE LABORATORIES N V	COM	N22717107	1,007	50,825	SH		SOLE		50,825	0	0
DAKTRONICS INC	COM	234264109	1,951	648,288	SH		SOLE		648,288	0	0
DIAMONDBACK ENERGY INC	COM	25278X109	3,428	28,292	SH		SOLE		28,292	0	0
DIGITAL RLTY TR INC	COM	253868103	412	3,176	SH		SOLE		3,176	0	0
DISH NETWORK CORPORATION	NOTE 3.375% 8/1	25470MAB5	2,753	4,048,000	PRN		SOLE		4,048,000	0	0
DISH NETWORK CORPORATION	NOTE 2.375% 3/1	25470MAD1	745	847,000	PRN		SOLE		847,000	0	0
DMC GLOBAL INC	COM	23291C103	1,380	76,536	SH		SOLE		76,536	0	0
DUCOMMUN INC DEL	COM	264147109	2,100	48,792	SH		SOLE		48,792	0	0
EARTHSTONE ENERGY INC	CL A	27032D304	13,239	969,916	SH		SOLE		969,916	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	3,156	165,738	SH		SOLE		165,738	0	0
ESSENTIAL PPTYS RLTY TR INC	COM	29670E107	8,780	408,543	SH		SOLE		408,543	0	0
EVENTBRITE INC	COM CL A	29975E109	1,468	142,920	SH		SOLE		142,920	0	0
EXELIXIS INC	COM	30161Q104	1,875	90,050	SH		SOLE		90,050	0	0
FARMER BROS CO	COM	307675108	2,790	594,945	SH		SOLE		594,945	0	0
FB FINL CORP	COM	30257X104	12,526	319,379	SH		SOLE		319,379	0	0
FIDELITY NATIONAL FINANCIAL	FNF GROUP COM	31620R303	1,532	41,459	SH		SOLE		41,459	0	0
FIRST BANCORP N C	COM	318910106	1,411	40,417	SH		SOLE		40,417	0	0
FIRST BANCORP P R	COM NEW	318672706	13,261	1,027,175	SH		SOLE		1,027,175	0	0
FIRST WATCH RESTAURANT GROUP	COM	33748L101	487	33,803	SH		SOLE		33,803	0	0
FIVE BELOW INC	COM	33829M101	9,834	86,689	SH		SOLE		86,689	0	0
FLOOR & DECOR HLDGS INC	CL A	339750101	971	15,421	SH		SOLE		15,421	0	0
FOCUS FINL PARTNERS INC	COM CL A	34417P100	6,505	190,983	SH		SOLE		190,983	0	0
FORTUNA SILVER MINES INC	COM	349915108	1,781	627,241	SH		SOLE		627,241	0	0
FOX CORP	CL B COM	35137L204	2,287	77,000	SH		SOLE		77,000	0	0
GODADDY INC	CL A	380237107	2,541	36,528	SH		SOLE		36,528	0	0
GOGO INC	COM	38046C109	7,691	475,073	SH		SOLE		475,073	0	0
GOLDEN ENTMT INC	COM	381013101	15,428	390,077	SH		SOLE		390,077	0	0
GRAY TELEVISION INC	COM	389375106	14,693	869,945	SH		SOLE		869,945	0	0
GXO LOGISTICS INCORPORATED	COMMON STOCK	36262G101	1,286	29,733	SH		SOLE		29,733	0	0
H & E EQUIPMENT SERVICES INC	COM	404030108	14,944	515,838	SH		SOLE		515,838	0	0
HALOZYME THERAPEUTICS INC	COM	40637H109	13,192	299,825	SH		SOLE		299,825	0	0
HAWAIIAN ELEC INDUSTRIES	COM	419870100	518	12,658	SH		SOLE		12,658	0	0
HEALTHCARE TR AMER INC	CL A NEW	42225P501	2,006	71,875	SH		SOLE		71,875	0	0
HERBALIFE NUTRITION LTD	NOTE 2.625% 3/1	42703MAD5	619	695,000	PRN		SOLE		695,000	0	0
HESS CORP	COM	42809H107	535	5,046	SH		SOLE		5,046	0	0
HILLMAN SOLUTIONS CORP	COM	431636109	8,539	988,262	SH		SOLE		988,262	0	0
IAC INTERACTIVECORP NEW	COM NEW	44891N208	1,237	16,289	SH		SOLE		16,289	0	0
INDEPENDENCE RLTY TR INC	COM	45378A106	547	26,393	SH		SOLE		26,393	0	0
ISHARES TR	RUSSELL 2000 ETF	464287655	531	3,133	SH		SOLE		3,133	0	0
KAISER ALUMINUM CORP	COM PAR $0.01	483007704	11,013	139,243	SH		SOLE		139,243	0	0
KENNEDY-WILSON HOLDINGS INC	COM	489398107	1,667	88,027	SH		SOLE		88,027	0	0
KIMBALL INTL INC	CL B	494274103	2,214	288,656	SH		SOLE		288,656	0	0
KIRBY CORP	COM	497266106	11,507	189,141	SH		SOLE		189,141	0	0
KULICKE & SOFFA INDS INC	COM	501242101	14,350	335,195	SH		SOLE		335,195	0	0
LANTHEUS HLDGS INC	COM	516544103	13,001	196,896	SH		SOLE		196,896	0	0
LENDINGTREE INC NEW	COM	52603B107	744	16,965	SH		SOLE		16,965	0	0
LENNOX INTL INC	COM	526107107	1,581	7,651	SH		SOLE		7,651	0	0
LIBERTY MEDIA CORP DEL	COM A SIRIUSXM	531229409	2,418	67,071	SH		SOLE		67,071	0	0
LIBERTY TRIPADVISOR HLDGS IN	COM SER A	531465102	976	1,283,978	SH		SOLE		1,283,978	0	0
LINCOLN NATL CORP IND	COM	534187109	2,147	45,893	SH		SOLE		45,893	0	0
LIVENT CORP	COM	53814L108	11,390	501,965	SH		SOLE		501,965	0	0
M & T BK CORP	COM	55261F104	444	2,788	SH		SOLE		2,788	0	0
MARTIN MARIETTA MATLS INC	COM	573284106	2,943	9,837	SH		SOLE		9,837	0	0
MARVELL TECHNOLOGY INC	COM	573874104	367	8,425	SH		SOLE		8,425	0	0
MASCO CORP	COM	574599106	387	7,640	SH		SOLE		7,640	0	0
MATCH GROUP INC NEW	COM	57667L107	217	3,113	SH		SOLE		3,113	0	0
MERCURY SYS INC	COM	589378108	2,142	33,306	SH		SOLE		33,306	0	0
METROPOLITAN BK HLDG CORP	COM	591774104	8,052	115,995	SH		SOLE		115,995	0	0
MGM RESORTS INTERNATIONAL	COM	552953101	1,365	47,150	SH		SOLE		47,150	0	0
MIDDLESEX WTR CO	COM	596680108	4,079	46,523	SH		SOLE		46,523	0	0
MODIVCARE INC	COM	60783X104	9,411	111,376	SH		SOLE		111,376	0	0
MONRO INC	COM	610236101	2,480	57,844	SH		SOLE		57,844	0	0
NEUROCRINE BIOSCIENCES INC	COM	64125C109	342	3,510	SH		SOLE		3,510	0	0
NEXPOINT RESIDENTIAL TR INC	COM	65341D102	1,309	20,939	SH		SOLE		20,939	0	0
NEXSTAR MEDIA GROUP INC	CL A	65336K103	16,431	100,875	SH		SOLE		100,875	0	0
NORTHERN OIL AND GAS INC MN	COM	665531307	10,652	421,700	SH		SOLE		421,700	0	0
NORTHWEST NAT HLDG CO	COM	66765N105	2,648	49,876	SH		SOLE		49,876	0	0
NORWEGIAN CRUISE LINE HLDG L	SHS	G66721104	1,046	94,066	SH		SOLE		94,066	0	0
NOW INC	COM	67011P100	13,854	1,416,543	SH		SOLE		1,416,543	0	0
NVENT ELECTRIC PLC	SHS	G6700G107	2,221	70,895	SH		SOLE		70,895	0	0
O-I GLASS INC	COM	67098H104	9,292	663,724	SH		SOLE		663,724	0	0
OLIN CORP	COM PAR $1	680665205	1,360	29,392	SH		SOLE		29,392	0	0
ONEMAIN HLDGS INC	COM	68268W103	1,309	35,004	SH		SOLE		35,004	0	0
OPERA LTD	SPONSORED ADS	68373M107	475	107,819	SH		SOLE		107,819	0	0
OPTION CARE HEALTH INC	COM NEW	68404L201	11,207	403,287	SH		SOLE		403,287	0	0
OUSTER INC	COM	68989M103	4,228	2,610,151	SH		SOLE		2,610,151	0	0
PAPA JOHNS INTL INC	COM	698813102	7,236	86,637	SH		SOLE		86,637	0	0
PATTERSON-UTI ENERGY INC	COM	703481101	15,402	977,268	SH		SOLE		977,268	0	0
PAYA HOLDINGS INC	COM CL A	70434P103	3,959	602,617	SH		SOLE		602,617	0	0
PEBBLEBROOK HOTEL TR	COM	70509V100	7,960	480,399	SH		SOLE		480,399	0	0
PENN NATL GAMING INC	COM	707569109	7,972	262,063	SH		SOLE		262,063	0	0
PENNANT GROUP INC	COM	70805E109	727	56,743	SH		SOLE		56,743	0	0
PERFORMANCE FOOD GROUP CO	COM	71377A103	14,072	306,053	SH		SOLE		306,053	0	0
PINNACLE FINL PARTNERS INC	COM	72346Q104	11,422	157,963	SH		SOLE		157,963	0	0
PIXELWORKS INC	COM NEW	72581M305	682	356,943	SH		SOLE		356,943	0	0
PLANET FITNESS INC	CL A	72703H101	14,437	212,279	SH		SOLE		212,279	0	0
PLBY GROUP INC	COM	72814P109	1,666	260,265	SH		SOLE		260,265	0	0
POSTAL REALTY TRUST INC	CL A	73757R102	3,075	206,354	SH		SOLE		206,354	0	0
PRIMERICA INC	COM	74164M108	2,056	17,185	SH		SOLE		17,185	0	0
PURE STORAGE INC	CL A	74624M102	11,654	453,270	SH		SOLE		453,270	0	0
PVH CORPORATION	COM	693656100	1,733	30,462	SH		SOLE		30,462	0	0
R1 RCM INC	COM	77634L105	11,708	558,587	SH		SOLE		558,587	0	0
RAMBUS INC DEL	COM	750917106	11,047	514,043	SH		SOLE		514,043	0	0
RAPID7 INC	COM	753422104	10,769	161,207	SH		SOLE		161,207	0	0
REYNOLDS CONSUMER PRODS INC	COM	76171L106	515	18,879	SH		SOLE		18,879	0	0
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	11,948	157,148	SH		SOLE		157,148	0	0
SABRE CORP	COM	78573M104	9,142	1,568,071	SH		SOLE		1,568,071	0	0
SANDSTORM GOLD LTD	COM NEW	80013R206	3,453	580,411	SH		SOLE		580,411	0	0
SANDY SPRING BANCORP INC	COM	800363103	208	5,315	SH		SOLE		5,315	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	10,822	867,869	SH		SOLE		867,869	0	0
SEACOAST BKG CORP FLA	COM NEW	811707801	9,798	296,557	SH		SOLE		296,557	0	0
SEAWORLD ENTMT INC	COM	81282V100	10,995	248,869	SH		SOLE		248,869	0	0
SI-BONE INC	COM	825704109	8,982	680,453	SH		SOLE		680,453	0	0
SILICON MOTION TECHNOLOGY CO	SPONSORED ADR	82706C108	15,808	188,860	SH		SOLE		188,860	0	0
SIX FLAGS ENTMT CORP NEW	COM	83001A102	883	40,676	SH		SOLE		40,676	0	0
SKYWORKS SOLUTIONS INC	COM	83088M102	928	10,023	SH		SOLE		10,023	0	0
SMARTFINANCIAL INC	COM NEW	83190L208	303	12,536	SH		SOLE		12,536	0	0
SOUTHERN FIRST BANCSHARES	COM	842873101	302	6,939	SH		SOLE		6,939	0	0
SOUTHSTATE CORPORATION	COM	840441109	13,892	180,069	SH		SOLE		180,069	0	0
SPIRIT AEROSYSTEMS HLDGS INC	COM CL A	848574109	13,740	468,939	SH		SOLE		468,939	0	0
SPOTIFY USA INC	NOTE 3/1	84921RAB6	600	760,000	PRN		SOLE		760,000	0	0
SSR MNG INC	COM	784730103	521	31,202	SH		SOLE		31,202	0	0
STEEL DYNAMICS INC	COM	858119100	2,550	38,550	SH		SOLE		38,550	0	0
STEELCASE INC	CL A	858155203	15,908	1,482,614	SH		SOLE		1,482,614	0	0
STEREOTAXIS INC	COM NEW	85916J409	1,094	594,382	SH		SOLE		594,382	0	0
TABULA RASA HEALTHCARE INC	NOTE 1.750% 2/1	873379AA9	694	1,020,000	PRN		SOLE		1,020,000	0	0
TALOS ENERGY INC	COM	87484T108	9,512	614,837	SH		SOLE		614,837	0	0
TERADYNE INC	COM	880770102	2,834	31,649	SH		SOLE		31,649	0	0
TEXAS CAP BANCSHARES INC	COM	88224Q107	1,698	32,256	SH		SOLE		32,256	0	0
TILRAY BRANDS INC	NOTE 5.000%10/0	88688TAB6	273	300,000	PRN		SOLE		300,000	0	0
TRANSUNION	COM	89400J107	2,515	31,446	SH		SOLE		31,446	0	0
TRIUMPH GROUP INC NEW	COM	896818101	9,644	725,692	SH		SOLE		725,692	0	0
TRIVAGO N V	SPON ADS A SHS	89686D105	2,495	1,674,316	SH		SOLE		1,674,316	0	0
TURNING PT BRANDS INC	COM	90041L105	2,898	106,814	SH		SOLE		106,814	0	0
TYLER TECHNOLOGIES INC	COM	902252105	2,594	7,800	SH		SOLE		7,800	0	0
UMH PPTYS INC	COM	903002103	2,809	159,083	SH		SOLE		159,083	0	0
UNITED RENTALS INC	COM	911363109	1,522	6,264	SH		SOLE		6,264	0	0
UNITED THERAPEUTICS CORP DEL	COM	91307C102	2,095	8,892	SH		SOLE		8,892	0	0
UPWORK INC	COM	91688F104	6,209	300,219	SH		SOLE		300,219	0	0
VAIL RESORTS INC	COM	91879Q109	1,516	6,955	SH		SOLE		6,955	0	0
VANGUARD INDEX FDS	SMALL CP ETF	922908751	275	1,561	SH		SOLE		1,561	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	376	1,992	SH		SOLE		1,992	0	0
VANGUARD INDEX FDS	EXTEND MKT ETF	922908652	2,635	20,098	SH		SOLE		20,098	0	0
VIAD CORP	COM	92552R406	10,107	366,066	SH		SOLE		366,066	0	0
VICI PPTYS INC	COM	925652109	2,842	95,400	SH		SOLE		95,400	0	0
VINTAGE WINE ESTATES INC	COM	92747V106	1,035	131,683	SH		SOLE		131,683	0	0
VISTRA CORP	COM	92840M102	2,810	122,969	SH		SOLE		122,969	0	0
VOYA FINANCIAL INC	COM	929089100	366	6,146	SH		SOLE		6,146	0	0
WEATHERFORD INTL PLC	ORD SHS	G48833118	17,246	804,526	SH		SOLE		804,526	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	1,763	24,983	SH		SOLE		24,983	0	0
WESTERN DIGITAL CORP.	COM	958102105	2,028	45,238	SH		SOLE		45,238	0	0
WINMARK CORP	COM	974250102	773	3,955	SH		SOLE		3,955	0	0
XPO LOGISTICS INC	COM	983793100	1,716	35,628	SH		SOLE		35,628	0	0
YORK WTR CO	COM	987184108	4,188	103,585	SH		SOLE		103,585	0	0