Penn Capital Management 13F-HR/A Quarterly holdings report by institutional manager (amended)

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	11,492	146,787	SH		SOLE		146,787	0	0
ALLEGRO MICROSYSTEMS INC	COM	01749D105	2,193	98,654	SH		SOLE		98,654	0	0
ALLETE INC	COM NEW	018522300	563	11,253	SH		SOLE		11,253	0	0
ALPHATEC HLDGS INC	COM NEW	02081G201	10,888	1,244,110	SH		SOLE		1,244,110	0	0
AMERANT BANCORP INC	CL A	023576101	385	15,490	SH		SOLE		15,490	0	0
AMERICAN AXLE & MFG HLDGS IN	COM	024061103	10,849	1,586,405	SH		SOLE		1,586,405	0	0
AMERICOLD REALTY TRUST INC	COM	03064D108	299	12,167	SH		SOLE		12,167	0	0
AMERIS BANCORP	COM	03076K108	12,010	268,266	SH		SOLE		268,266	0	0
AMETEK INC	COM	031100100	403	3,550	SH		SOLE		3,550	0	0
APARTMENT INCOME REIT CORP	COM	03750L109	1,970	50,020	SH		SOLE		50,020	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	3,890	84,170	SH		SOLE		84,170	0	0
ARTIVION INC	COM	228903100	5,983	431,737	SH		SOLE		431,737	0	0
ASSOCIATED BANC CORP	COM	045487105	492	24,518	SH		SOLE		24,518	0	0
AVALONBAY CMNTYS INC	COM	053484101	297	1,613	SH		SOLE		1,613	0	0
AVANTOR INC	COM	05352A100	1,864	93,521	SH		SOLE		93,521	0	0
AVIENT CORPORATION	COM	05368V106	7,478	246,458	SH		SOLE		246,458	0	0
AXIS CAP HLDGS LTD	SHS	G0692U109	2,929	58,740	SH		SOLE		58,740	0	0
BIOMARIN PHARMACEUTICAL INC	COM	09061G101	2,410	28,028	SH		SOLE		28,028	0	0
BLOCK INC	NOTE 0.250%11/0	852234AK9	633	885,000	PRN		SOLE		885,000	0	0
BLOOMIN BRANDS INC	COM	094235108	10,272	559,736	SH		SOLE		559,736	0	0
BOYD GAMING CORP	COM	103304101	7,933	166,256	SH		SOLE		166,256	0	0
BURLINGTON STORES INC	COM	122017106	1,451	12,783	SH		SOLE		12,783	0	0
CACI INTL INC	CL A	127190304	342	1,311	SH		SOLE		1,311	0	0
CALAMP CORP	COM	128126109	672	175,077	SH		SOLE		175,077	0	0
CALIFORNIA RES CORP	COM STOCK	13057Q305	10,636	276,374	SH		SOLE		276,374	0	0
CARPENTER TECHNOLOGY CORP	COM	144285103	9,287	297,839	SH		SOLE		297,839	0	0
CATALENT INC	COM	148806102	1,812	24,714	SH		SOLE		24,714	0	0
CENTERSPACE	COM	15202L107	2,840	42,181	SH		SOLE		42,181	0	0
CF INDS HLDGS INC	COM	125269100	2,242	22,993	SH		SOLE		22,993	0	0
CHAMPIONX CORPORATION	COM	15872M104	6,975	355,932	SH		SOLE		355,932	0	0
CHART INDS INC	COM	16115Q308	17,759	96,029	SH		SOLE		96,029	0	0
CHESAPEAKE ENERGY CORP	COM	165167735	3,481	36,412	SH		SOLE		36,412	0	0
CHIMERIX INC	COM	16934W106	46	23,802	SH		SOLE		23,802	0	0
CIVISTA BANCSHARES INC	COM NO PAR	178867107	1,426	68,667	SH		SOLE		68,667	0	0
CLEAR CHANNEL OUTDOOR HLDGS	COM	18453H106	6,632	4,834,518	SH		SOLE		4,834,518	0	0
CODEX DNA INC	COM	192003101	1,607	968,059	SH		SOLE		968,059	0	0
COMPASS MINERALS INTL INC	COM	20451N101	7,319	189,717	SH		SOLE		189,717	0	0
CONMED CORP	COM	207410101	7,165	88,888	SH		SOLE		88,888	0	0
CONSTELLIUM SE	CL A SHS	F21107101	1,291	124,964	SH		SOLE		124,964	0	0
DAKTRONICS INC	COM	234264109	902	333,019	SH		SOLE		333,019	0	0
DIAMONDBACK ENERGY INC	COM	25278X109	3,403	27,780	SH		SOLE		27,780	0	0
DIGITAL RLTY TR INC	COM	253868103	280	2,819	SH		SOLE		2,819	0	0
DISH NETWORK CORPORATION	NOTE 2.375% 3/1	25470MAD1	756	847,000	PRN		SOLE		847,000	0	0
DISH NETWORK CORPORATION	NOTE 3.375% 8/1	25470MAB5	2,716	3,948,000	PRN		SOLE		3,948,000	0	0
DUCOMMUN INC DEL	COM	264147109	2,408	60,709	SH		SOLE		60,709	0	0
EARTHSTONE ENERGY INC	CL A	27032D304	11,075	897,765	SH		SOLE		897,765	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	3,671	232,773	SH		SOLE		232,773	0	0
ESSENTIAL PPTYS RLTY TR INC	COM	29670E107	9,028	463,616	SH		SOLE		463,616	0	0
EVENTBRITE INC	COM CL A	29975E109	1,744	286,886	SH		SOLE		286,886	0	0
FARMER BROS CO	COM	307675108	3,284	700,210	SH		SOLE		700,210	0	0
FB FINL CORP	COM	30257X104	13,447	351,504	SH		SOLE		351,504	0	0
FIRST BANCORP N C	COM	318910106	3,441	94,073	SH		SOLE		94,073	0	0
FIRST BANCORP P R	COM NEW	318672706	14,845	1,083,734	SH		SOLE		1,083,734	0	0
FIRST WATCH RESTAURANT GROUP	COM	33748L101	432	29,822	SH		SOLE		29,822	0	0
FIVE BELOW INC	COM	33829M101	14,373	104,072	SH		SOLE		104,072	0	0
FLOOR & DECOR HLDGS INC	CL A	339750101	1,088	15,235	SH		SOLE		15,235	0	0
FOCUS FINL PARTNERS INC	COM CL A	34417P100	6,615	209,658	SH		SOLE		209,658	0	0
FOX CORP	CL B COM	35137L204	2,531	87,503	SH		SOLE		87,503	0	0
FRESH DEL MONTE PRODUCE INC	ORD	G36738105	689	29,630	SH		SOLE		29,630	0	0
G III APPAREL GROUP LTD	COM	36237H101	2,321	155,268	SH		SOLE		155,268	0	0
GODADDY INC	CL A	380237107	2,568	35,719	SH		SOLE		35,719	0	0
GOGO INC	COM	38046C109	6,915	569,764	SH		SOLE		569,764	0	0
GOLDEN ENTMT INC	COM	381013101	15,035	430,379	SH		SOLE		430,379	0	0
GRAY TELEVISION INC	COM	389375106	12,499	871,654	SH		SOLE		871,654	0	0
GXO LOGISTICS INCORPORATED	COMMON STOCK	36262G101	7,950	226,072	SH		SOLE		226,072	0	0
H & E EQUIPMENT SERVICES INC	COM	404030108	14,382	506,051	SH		SOLE		506,051	0	0
HALOZYME THERAPEUTICS INC	COM	40637H109	12,529	315,584	SH		SOLE		315,584	0	0
HARMONY BIOSCIENCES HLDGS IN	COM	413197104	5,882	132,625	SH		SOLE		132,625	0	0
HAWAIIAN ELEC INDUSTRIES	COM	419870100	535	15,447	SH		SOLE		15,447	0	0
HEALTHCARE RLTY TR	CL A COM	42226K105	1,880	88,453	SH		SOLE		88,453	0	0
HELIOS TECHNOLOGIES INC	COM	42328H109	778	15,385	SH		SOLE		15,385	0	0
HELIX ENERGY SOLUTIONS GRP I	COM	42330P107	42	10,856	SH		SOLE		10,856	0	0
HERBALIFE NUTRITION LTD	NOTE 2.625% 3/1	42703MAD5	629	695,000	PRN		SOLE		695,000	0	0
HESS CORP	COM	42809H107	525	4,814	SH		SOLE		4,814	0	0
HILLMAN SOLUTIONS CORP	COM	431636109	8,074	1,069,371	SH		SOLE		1,069,371	0	0
INDEPENDENCE RLTY TR INC	COM	45378A106	442	26,393	SH		SOLE		26,393	0	0
ISHARES TR	RUSSELL 2000 ETF	464287655	459	2,785	SH		SOLE		2,785	0	0
KAISER ALUMINUM CORP	COM PAR $0.01	483007704	8,637	140,618	SH		SOLE		140,618	0	0
KENNEDY-WILSON HOLDINGS INC	COM	489398107	1,446	91,836	SH		SOLE		91,836	0	0
KIMBALL INTL INC	CL B	494274103	1,727	274,489	SH		SOLE		274,489	0	0
KIRBY CORP	COM	497266106	12,957	212,255	SH		SOLE		212,255	0	0
KULICKE & SOFFA INDS INC	COM	501242101	11,195	289,476	SH		SOLE		289,476	0	0
LANTHEUS HLDGS INC	COM	516544103	12,814	181,495	SH		SOLE		181,495	0	0
LENNOX INTL INC	COM	526107107	1,827	8,070	SH		SOLE		8,070	0	0
LIBERTY MEDIA CORP DEL	COM A SIRIUSXM	531229409	2,591	67,048	SH		SOLE		67,048	0	0
LINCOLN NATL CORP IND	COM	534187109	278	6,323	SH		SOLE		6,323	0	0
LIVENT CORP	COM	53814L108	12,438	404,154	SH		SOLE		404,154	0	0
M & T BK CORP	COM	55261F104	470	2,668	SH		SOLE		2,668	0	0
MARTIN MARIETTA MATLS INC	COM	573284106	2,371	7,261	SH		SOLE		7,261	0	0
MARVELL TECHNOLOGY INC	COM	573874104	344	8,024	SH		SOLE		8,024	0	0
MASCO CORP	COM	574599106	341	7,301	SH		SOLE		7,301	0	0
MATCH GROUP INC NEW	COM	57667L107	245	5,136	SH		SOLE		5,136	0	0
MERCURY SYS INC	COM	589378108	1,342	32,488	SH		SOLE		32,488	0	0
METROPOLITAN BK HLDG CORP	COM	591774104	9,080	140,937	SH		SOLE		140,937	0	0
MGM RESORTS INTERNATIONAL	COM	552953101	1,712	56,774	SH		SOLE		56,774	0	0
MIDDLESEX WTR CO	COM	596680108	3,560	46,120	SH		SOLE		46,120	0	0
MODIVCARE INC	COM	60783X104	11,218	112,431	SH		SOLE		112,431	0	0
MONRO INC	COM	610236101	2,095	48,201	SH		SOLE		48,201	0	0
NEUROCRINE BIOSCIENCES INC	COM	64125C109	356	3,356	SH		SOLE		3,356	0	0
NEXPOINT RESIDENTIAL TR INC	COM	65341D102	2,551	55,196	SH		SOLE		55,196	0	0
NEXSTAR MEDIA GROUP INC	COMMON STOCK	65336K103	15,508	92,820	SH		SOLE		92,820	0	0
NORTHERN OIL AND GAS INC MN	COM	665531307	13,109	477,606	SH		SOLE		477,606	0	0
NORTHWEST NAT HLDG CO	COM	66765N105	3,094	71,329	SH		SOLE		71,329	0	0
NOW INC	COM	67011P100	11,663	1,159,026	SH		SOLE		1,159,026	0	0
NVENT ELECTRIC PLC	SHS	G6700G107	2,231	69,396	SH		SOLE		69,396	0	0
O-I GLASS INC	COM	67098H104	9,331	719,529	SH		SOLE		719,529	0	0
OFG BANCORP	COM	67103X102	1,373	54,639	SH		SOLE		54,639	0	0
OLIN CORP	COM PAR $1	680665205	1,516	34,751	SH		SOLE		34,751	0	0
OPERA LTD	SPONSORED ADS	68373M107	626	144,139	SH		SOLE		144,139	0	0
OPTION CARE HEALTH INC	COM NEW	68404L201	11,622	368,812	SH		SOLE		368,812	0	0
OUSTER INC	COM	68989M103	2,527	2,618,956	SH		SOLE		2,618,956	0	0
PAPA JOHNS INTL INC	COM	698813102	6,416	91,527	SH		SOLE		91,527	0	0
PATTERSON-UTI ENERGY INC	COM	703481101	11,459	979,763	SH		SOLE		979,763	0	0
PAYA HOLDINGS INC	COM CL A	70434P103	3,140	513,916	SH		SOLE		513,916	0	0
PEBBLEBROOK HOTEL TR	COM	70509V100	7,063	484,785	SH		SOLE		484,785	0	0
PENN ENTERTAINMENT INC	COM	707569109	10,151	368,517	SH		SOLE		368,517	0	0
PENNANT GROUP INC	COM	70805E109	1,358	130,436	SH		SOLE		130,436	0	0
PERFORMANCE FOOD GROUP CO	COM	71377A103	14,493	336,405	SH		SOLE		336,405	0	0
PERRIGO CO PLC	SHS	G97822103	8,711	243,164	SH		SOLE		243,164	0	0
PINNACLE FINL PARTNERS INC	COM	72346Q104	14,765	181,287	SH		SOLE		181,287	0	0
PLANET FITNESS INC	CL A	72703H101	11,751	202,998	SH		SOLE		202,998	0	0
PLAYA HOTELS & RESORTS NV	SHS	N70544106	65	11,226	SH		SOLE		11,226	0	0
PLAYAGS INC	COM	72814N104	59	11,181	SH		SOLE		11,181	0	0
POPULAR INC	COM NEW	733174700	236	3,278	SH		SOLE		3,278	0	0
POSTAL REALTY TRUST INC	CL A	73757R102	2,945	200,754	SH		SOLE		200,754	0	0
PRIMERICA INC	COM	74164M108	2,132	16,980	SH		SOLE		16,980	0	0
PRIMIS FINANCIAL CORP	COM	74167B109	1,484	122,301	SH		SOLE		122,301	0	0
PURE STORAGE INC	CL A	74624M102	11,700	426,893	SH		SOLE		426,893	0	0
R1 RCM INC	COM	77634L105	10,957	590,522	SH		SOLE		590,522	0	0
RAMBUS INC DEL	COM	750917106	13,104	514,869	SH		SOLE		514,869	0	0
RAPID7 INC	COM	753422104	6,937	161,483	SH		SOLE		161,483	0	0
REYNOLDS CONSUMER PRODS INC	COM	76171L106	281	10,794	SH		SOLE		10,794	0	0
RINGCENTRAL INC	NOTE 3/1	76680RAH0	577	750,000	PRN		SOLE		750,000	0	0
RINGCENTRAL INC	CL A	76680R206	1,565	38,577	SH		SOLE		38,577	0	0
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	11,602	157,443	SH		SOLE		157,443	0	0
SABRE CORP	COM	78573M104	8,134	1,577,374	SH		SOLE		1,577,374	0	0
SANDY SPRING BANCORP INC	COM	800363103	2,994	84,907	SH		SOLE		84,907	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	9,789	867,504	SH		SOLE		867,504	0	0
SEACOAST BKG CORP FLA	COM NEW	811707801	12,859	423,591	SH		SOLE		423,591	0	0
SEAWORLD ENTMT INC	COM	81282V100	13,079	287,014	SH		SOLE		287,014	0	0
SHORE BANCSHARES INC	COM	825107105	994	57,376	SH		SOLE		57,376	0	0
SI-BONE INC	COM	825704109	8,516	487,112	SH		SOLE		487,112	0	0
SILICON MOTION TECHNOLOGY CO	SPONSORED ADR	82706C108	7,451	114,134	SH		SOLE		114,134	0	0
SKYWORKS SOLUTIONS INC	COM	83088M102	1,196	13,792	SH		SOLE		13,792	0	0
SMARTFINANCIAL INC	COM NEW	83190L208	1,179	47,712	SH		SOLE		47,712	0	0
SOUTHERN FIRST BANCSHARES	COM	842873101	2,192	52,621	SH		SOLE		52,621	0	0
SOUTHSTATE CORPORATION	COM	840441109	14,285	180,327	SH		SOLE		180,327	0	0
SPIRE INC	COM	84857L101	218	3,493	SH		SOLE		3,493	0	0
SPIRIT AEROSYSTEMS HLDGS INC	COM CL A	848574109	10,298	469,185	SH		SOLE		469,185	0	0
SPOTIFY USA INC	NOTE 3/1	84921RAB6	597	760,000	PRN		SOLE		760,000	0	0
STEEL DYNAMICS INC	COM	858119100	2,218	30,840	SH		SOLE		30,840	0	0
STEELCASE INC	CL A	858155203	2,223	341,013	SH		SOLE		341,013	0	0
STEREOTAXIS INC	COM NEW	85916J409	926	514,357	SH		SOLE		514,357	0	0
TALOS ENERGY INC	COM	87484T108	9,882	592,723	SH		SOLE		592,723	0	0
TENNANT CO	COM	880345103	1,116	19,726	SH		SOLE		19,726	0	0
TERADYNE INC	COM	880770102	1,880	24,678	SH		SOLE		24,678	0	0
TEXAS CAP BANCSHARES INC	COM	88224Q107	2,539	42,289	SH		SOLE		42,289	0	0
TILRAY BRANDS INC	NOTE 5.000%10/0	88688TAB6	293	300,000	PRN		SOLE		300,000	0	0
TOWNEBANK PORTSMOUTH VA	COM	89214P109	411	15,327	SH		SOLE		15,327	0	0
TRANSOCEAN LTD	REG SHS	H8817H100	25	10,239	SH		SOLE		10,239	0	0
TRANSUNION	COM	89400J107	1,841	30,512	SH		SOLE		30,512	0	0
TRIUMPH GROUP INC NEW	COM	896818101	7,003	814,205	SH		SOLE		814,205	0	0
TRIVAGO N V	SPON ADS A SHS	89686D105	2,024	1,745,175	SH		SOLE		1,745,175	0	0
TURNING PT BRANDS INC	COM	90041L105	2,968	139,824	SH		SOLE		139,824	0	0
TYLER TECHNOLOGIES INC	COM	902252105	2,828	8,021	SH		SOLE		8,021	0	0
UMH PPTYS INC	COM	903002103	2,597	160,800	SH		SOLE		160,800	0	0
UNITED RENTALS INC	COM	911363109	1,692	6,154	SH		SOLE		6,154	0	0
UNITED THERAPEUTICS CORP DEL	COM	91307C102	2,285	10,730	SH		SOLE		10,730	0	0
VAIL RESORTS INC	COM	91879Q109	2,038	9,295	SH		SOLE		9,295	0	0
VANGUARD INDEX FDS	EXTEND MKT ETF	922908652	1,039	8,165	SH		SOLE		8,165	0	0
VIAD CORP	COM	92552R406	9,656	305,377	SH		SOLE		305,377	0	0
VICI PPTYS INC	COM	925652109	2,817	93,052	SH		SOLE		93,052	0	0
VISTRA CORP	COM	92840M102	2,855	134,006	SH		SOLE		134,006	0	0
VOYA FINANCIAL INC	COM	929089100	357	5,895	SH		SOLE		5,895	0	0
WEATHERFORD INTL PLC	ORD SHS	G48833118	26,012	805,975	SH		SOLE		805,975	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	2,506	37,531	SH		SOLE		37,531	0	0
WESTERN DIGITAL CORP.	COM	958102105	1,437	43,518	SH		SOLE		43,518	0	0
XPO LOGISTICS INC	COM	983793100	8,742	195,753	SH		SOLE		195,753	0	0
YORK WTR CO	COM	987184108	4,116	107,107	SH		SOLE		107,107	0	0