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
ACADIA HEALTHCARE COMPANY IN	COM	00404A109	12,132	147,175	SH		SOLE		147,175	0	0
ALLEGRO MICROSYSTEMS INC	COM	01749D105	13,580	450,489	SH		SOLE		450,489	0	0
ALPHATEC HLDGS INC	COM NEW	02081G201	15,472	1,251,241	SH		SOLE		1,251,241	0	0
ALTO INGREDIENTS INC	COM	021513106	2,202	764,430	SH		SOLE		764,430	0	0
AMERICAN AXLE & MFG HLDGS IN	COM	024061103	12,514	1,598,213	SH		SOLE		1,598,213	0	0
AMERICOLD REALTY TRUST INC	COM	03064D108	329	11,625	SH		SOLE		11,625	0	0
AMERIS BANCORP	COM	03076K108	11,593	245,597	SH		SOLE		245,597	0	0
AMETEK INC	COM	031100100	475	3,400	SH		SOLE		3,400	0	0
APARTMENT INCOME REIT CORP	COM	03750L109	1,552	44,281	SH		SOLE		44,281	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	4,861	76,264	SH		SOLE		76,264	0	0
ASPEN AEROGELS INC	COM	04523Y105	8,149	690,481	SH		SOLE		690,481	0	0
AVALONBAY CMNTYS INC	COM	053484101	229	1,416	SH		SOLE		1,416	0	0
AVANTOR INC	COM	05352A100	1,933	90,084	SH		SOLE		90,084	0	0
AVIENT CORPORATION	COM	05368V106	9,631	284,913	SH		SOLE		284,913	0	0
AXIS CAP HLDGS LTD	SHS	G0692U109	3,068	55,792	SH		SOLE		55,792	0	0
BIOMARIN PHARMACEUTICAL INC	COM	09061G101	2,842	27,077	SH		SOLE		27,077	0	0
BLOOMIN BRANDS INC	COM	094235108	13,375	664,049	SH		SOLE		664,049	0	0
BOYD GAMING CORP	COM	103304101	8,414	154,094	SH		SOLE		154,094	0	0
BURLINGTON STORES INC	COM	122017106	2,598	12,623	SH		SOLE		12,623	0	0
CACI INTL INC	CL A	127190304	440	1,464	SH		SOLE		1,464	0	0
CALAMP CORP	COM	128126109	3,079	687,371	SH		SOLE		687,371	0	0
CALIFORNIA RES CORP	COM STOCK	13057Q305	10,760	246,971	SH		SOLE		246,971	0	0
CARPENTER TECHNOLOGY CORP	COM	144285103	12,139	328,190	SH		SOLE		328,190	0	0
CENTERSPACE	COM	15202L107	2,610	44,489	SH		SOLE		44,489	0	0
CF INDS HLDGS INC	COM	125269100	1,804	20,900	SH		SOLE		20,900	0	0
CHAMPIONX CORPORATION	COM	15872M104	8,822	303,911	SH		SOLE		303,911	0	0
CHART INDS INC	COM	16115Q308	9,758	84,363	SH		SOLE		84,363	0	0
CHESAPEAKE ENERGY CORP	COM	165167735	3,406	35,565	SH		SOLE		35,565	0	0
CHIMERIX INC	COM	16934W106	44	23,802	SH		SOLE		23,802	0	0
CIVISTA BANCSHARES INC	COM NO PAR	178867107	875	39,737	SH		SOLE		39,737	0	0
CLEAR CHANNEL OUTDOOR HLDGS	COM	18453H106	5,068	4,820,268	SH		SOLE		4,820,268	0	0
CODEX DNA INC	COM	192003101	1,468	1,174,062	SH		SOLE	��	1,174,062	0	0
COLUMBUS MCKINNON CORP N Y	COM	199333105	331	10,182	SH		SOLE		10,182	0	0
COMPASS MINERALS INTL INC	COM	20451N101	9,598	233,785	SH		SOLE		233,785	0	0
CONMED CORP	COM	207410101	1,992	22,084	SH		SOLE		22,084	0	0
CONSTRUCTION PARTNERS INC	COM CL A	21044C107	2,447	91,679	SH		SOLE		91,679	0	0
CROCS INC	COM	227046109	12,394	114,005	SH		SOLE		114,005	0	0
DIAMONDBACK ENERGY INC	COM	25278X109	3,759	27,016	SH		SOLE		27,016	0	0
DIGITAL RLTY TR INC	COM	253868103	268	2,669	SH		SOLE		2,669	0	0
DIVERSEY HLDGS LTD	ORD SHS	G28923103	986	231,434	SH		SOLE		231,434	0	0
DUCOMMUN INC DEL	COM	264147109	1,228	24,574	SH		SOLE		24,574	0	0
EARTHSTONE ENERGY INC	CL A	27032D304	10,877	763,357	SH		SOLE		763,357	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	3,521	246,740	SH		SOLE		246,740	0	0
ESSENTIAL PPTYS RLTY TR INC	COM	29670E107	10,278	437,364	SH		SOLE		437,364	0	0
EVENTBRITE INC	COM CL A	29975E109	1,780	303,735	SH		SOLE		303,735	0	0
FARMER BROS CO	COM	307675108	3,514	762,354	SH		SOLE		762,354	0	0
FB FINL CORP	COM	30257X104	15,124	418,023	SH		SOLE		418,023	0	0
FIRST BANCORP N C	COM	318910106	501	11,698	SH		SOLE		11,698	0	0
FIRST BANCORP P R	COM NEW	318672706	13,817	1,084,812	SH		SOLE		1,084,812	0	0
FIRST WATCH RESTAURANT GROUP	COM	33748L101	2,422	179,001	SH		SOLE		179,001	0	0
FIVE BELOW INC	COM	33829M101	15,656	88,199	SH		SOLE		88,199	0	0
FLOOR & DECOR HLDGS INC	CL A	339750101	1,052	14,849	SH		SOLE		14,849	0	0
FOX CORP	CL B COM	35137L204	2,378	82,287	SH		SOLE		82,287	0	0
GODADDY INC	CL A	380237107	2,567	33,818	SH		SOLE		33,818	0	0
GOGO INC	COM	38046C109	8,458	572,291	SH		SOLE		572,291	0	0
GOLDEN ENTMT INC	COM	381013101	16,161	431,557	SH		SOLE		431,557	0	0
GRAY TELEVISION INC	COM	389375106	11,659	1,040,581	SH		SOLE		1,040,581	0	0
GXO LOGISTICS INCORPORATED	COMMON STOCK	36262G101	11,072	259,032	SH		SOLE		259,032	0	0
H & E EQUIPMENT SERVICES INC	COM	404030108	19,425	426,530	SH		SOLE		426,530	0	0
HALOZYME THERAPEUTICS INC	COM	40637H109	16,368	286,523	SH		SOLE		286,523	0	0
HANCOCK WHITNEY CORPORATION	COM	410120109	8,846	182,558	SH		SOLE		182,558	0	0
HARMONY BIOSCIENCES HLDGS IN	COM	413197104	9,710	175,987	SH		SOLE		175,987	0	0
HAWAIIAN ELEC INDUSTRIES	COM	419870100	222	5,294	SH		SOLE		5,294	0	0
HEALTHCARE RLTY TR	CL A COM	42226K105	1,525	77,419	SH		SOLE		77,419	0	0
HELIOS TECHNOLOGIES INC	COM	42328H109	2,054	37,731	SH		SOLE		37,731	0	0
HESS CORP	COM	42809H107	668	4,712	SH		SOLE		4,712	0	0
HILLMAN SOLUTIONS CORP	COM	431636109	8,314	1,151,590	SH		SOLE		1,151,590	0	0
HILTON GRAND VACATIONS INC	COM	43283X105	4,634	120,080	SH		SOLE		120,080	0	0
INDEPENDENCE RLTY TR INC	COM	45378A106	445	26,393	SH		SOLE		26,393	0	0
ISHARES TR	RUS MID CAP ETF	464287499	234	3,474	SH		SOLE		3,474	0	0
ISHARES TR	RUSSELL 2000 ETF	464287655	846	4,853	SH		SOLE		4,853	0	0
KAISER ALUMINUM CORP	COM PAR $0.01	483007704	9,019	118,573	SH		SOLE		118,573	0	0
KENNEDY-WILSON HOLDINGS INC	COM	489398107	1,350	84,174	SH		SOLE		84,174	0	0
KIMBALL INTL INC	CL B	494274103	1,326	204,008	SH		SOLE		204,008	0	0
KIRBY CORP	COM	497266106	13,609	210,538	SH		SOLE		210,538	0	0
KULICKE & SOFFA INDS INC	COM	501242101	12,855	289,375	SH		SOLE		289,375	0	0
LANTHEUS HLDGS INC	COM	516544103	11,618	227,038	SH		SOLE		227,038	0	0
LENNOX INTL INC	COM	526107107	1,894	7,780	SH		SOLE		7,780	0	0
LIBERTY MEDIA CORP DEL	COM A SIRIUSXM	531229409	2,521	63,148	SH		SOLE		63,148	0	0
LIVENT CORP	COM	53814L108	10,071	505,079	SH		SOLE		505,079	0	0
M & T BK CORP	COM	55261F104	367	2,530	SH		SOLE		2,530	0	0
MAGNITE INC	COM	55955D100	170	16,059	SH		SOLE		16,059	0	0
MARTIN MARIETTA MATLS INC	COM	573284106	2,420	7,063	SH		SOLE		7,063	0	0
MARVELL TECHNOLOGY INC	COM	573874104	290	7,828	SH		SOLE		7,828	0	0
MASCO CORP	COM	574599106	315	6,742	SH		SOLE		6,742	0	0
MERCURY SYS INC	COM	589378108	1,725	37,862	SH		SOLE		37,862	0	0
METROPOLITAN BK HLDG CORP	COM	591774104	1,912	32,581	SH		SOLE		32,581	0	0
MGM RESORTS INTERNATIONAL	COM	552953101	1,883	55,331	SH		SOLE		55,331	0	0
MIDDLESEX WTR CO	COM	596680108	3,656	46,478	SH		SOLE		46,478	0	0
MODIVCARE INC	COM	60783X104	8,378	93,293	SH		SOLE		93,293	0	0
MONRO INC	COM	610236101	3,346	74,022	SH		SOLE		74,022	0	0
NEUROCRINE BIOSCIENCES INC	COM	64125C109	391	3,271	SH		SOLE		3,271	0	0
NEW RELIC INC	COM	64829B100	6,767	119,709	SH		SOLE		119,709	0	0
NEXPOINT RESIDENTIAL TR INC	COM	65341D102	817	18,775	SH		SOLE		18,775	0	0
NEXSTAR MEDIA GROUP INC	COMMON STOCK	65336K103	15,177	86,596	SH		SOLE		86,596	0	0
NORTHERN OIL AND GAS INC MN	COM	665531307	13,499	437,421	SH		SOLE		437,421	0	0
NORTHWEST NAT HLDG CO	COM	66765N105	3,707	77,904	SH		SOLE		77,904	0	0
NOW INC	COM	67011P100	14,812	1,164,747	SH		SOLE		1,164,747	0	0
NVENT ELECTRIC PLC	SHS	G6700G107	2,637	67,384	SH		SOLE		67,384	0	0
O-I GLASS INC	COM	67098H104	10,870	655,164	SH		SOLE		655,164	0	0
OFG BANCORP	COM	67103X102	1,724	62,544	SH		SOLE		62,544	0	0
OLIN CORP	COM PAR $1	680665205	1,857	34,477	SH		SOLE		34,477	0	0
OLO INC	CL A	68134L109	1,116	178,592	SH		SOLE		178,592	0	0
OPERA LTD	SPONSORED ADS	68373M107	1,372	218,072	SH		SOLE		218,072	0	0
OPTION CARE HEALTH INC	COM NEW	68404L201	11,151	370,083	SH		SOLE		370,083	0	0
OUSTER INC	COM	68989M103	2,856	3,305,373	SH		SOLE		3,305,373	0	0
PAPA JOHNS INTL INC	COM	698813102	9,009	109,326	SH		SOLE		109,326	0	0
PATTERSON-UTI ENERGY INC	COM	703481101	14,091	835,679	SH		SOLE		835,679	0	0
PEBBLEBROOK HOTEL TR	COM	70509V100	1,027	75,082	SH		SOLE		75,082	0	0
PENN ENTERTAINMENT INC	COM	707569109	13,045	438,661	SH		SOLE		438,661	0	0
PENNANT GROUP INC	COM	70805E109	3,646	332,087	SH		SOLE		332,087	0	0
PERFORMANCE FOOD GROUP CO	COM	71377A103	17,192	293,478	SH		SOLE		293,478	0	0
PERRIGO CO PLC	SHS	G97822103	10,008	292,257	SH		SOLE		292,257	0	0
PINNACLE FINL PARTNERS INC	COM	72346Q104	14,044	190,549	SH		SOLE		190,549	0	0
PLANET FITNESS INC	CL A	72703H101	16,034	202,674	SH		SOLE		202,674	0	0
PLAYA HOTELS & RESORTS NV	SHS	N70544106	73	11,226	SH		SOLE		11,226	0	0
PLAYAGS INC	COM	72814N104	192	37,705	SH		SOLE		37,705	0	0
POSTAL REALTY TRUST INC	CL A	73757R102	2,918	200,848	SH		SOLE		200,848	0	0
PRIMERICA INC	COM	74164M108	2,391	16,568	SH		SOLE		16,568	0	0
PRIMIS FINANCIAL CORP	COM	74167B109	1,800	151,929	SH		SOLE		151,929	0	0
PTC INC	COM	69370C100	2,001	16,417	SH		SOLE		16,417	0	0
PURE STORAGE INC	CL A	74624M102	11,477	428,310	SH		SOLE		428,310	0	0
RAMBUS INC DEL	COM	750917106	11,341	316,189	SH		SOLE		316,189	0	0
RINGCENTRAL INC	CL A	76680R206	7,592	213,493	SH		SOLE		213,493	0	0
ROGERS CORP	COM	775133101	2,418	20,262	SH		SOLE		20,262	0	0
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	12,937	157,987	SH		SOLE		157,987	0	0
SABRE CORP	COM	78573M104	8,015	1,295,106	SH		SOLE		1,295,106	0	0
SANDY SPRING BANCORP INC	COM	800363103	3,596	102,080	SH		SOLE		102,080	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	12,704	961,843	SH		SOLE		961,843	0	0
SEACOAST BKG CORP FLA	COM NEW	811707801	10,758	343,240	SH		SOLE		343,240	0	0
SEAWORLD ENTMT INC	COM	81282V100	15,551	290,246	SH		SOLE		290,246	0	0
SHORE BANCSHARES INC	COM	825107105	1,161	66,634	SH		SOLE		66,634	0	0
SI-BONE INC	COM	825704109	7,158	525,664	SH		SOLE		525,664	0	0
SKYWORKS SOLUTIONS INC	COM	83088M102	1,205	12,988	SH		SOLE		12,988	0	0
SOUTHERN FIRST BANCSHARES	COM	842873101	2,341	51,175	SH		SOLE		51,175	0	0
SOUTHSTATE CORPORATION	COM	840441109	11,643	152,287	SH		SOLE		152,287	0	0
SPIRIT AEROSYSTEMS HLDGS INC	COM CL A	848574109	14,805	499,530	SH		SOLE		499,530	0	0
STEEL DYNAMICS INC	COM	858119100	2,929	29,577	SH		SOLE		29,577	0	0
STEELCASE INC	CL A	858155203	1,683	238,037	SH		SOLE		238,037	0	0
STEREOTAXIS INC	COM NEW	85916J409	231	111,538	SH		SOLE		111,538	0	0
SUMMIT MATLS INC	CL A	86614U100	4,997	175,787	SH		SOLE		175,787	0	0
SUMO LOGIC INC	COM	86646P103	1,156	142,657	SH		SOLE		142,657	0	0
TALOS ENERGY INC	COM	87484T108	11,235	594,315	SH		SOLE		594,315	0	0
TENNANT CO	COM	880345103	2,607	42,344	SH		SOLE		42,344	0	0
TERADYNE INC	COM	880770102	2,124	23,979	SH		SOLE		23,979	0	0
TEXAS CAP BANCSHARES INC	COM	88224Q107	2,320	37,749	SH		SOLE		37,749	0	0
TEXTRON INC	COM	883203101	2,012	28,006	SH		SOLE		28,006	0	0
TRANSOCEAN LTD	REG SHS	H8817H100	9,943	2,177,504	SH		SOLE		2,177,504	0	0
TRANSUNION	COM	89400J107	258	4,553	SH		SOLE		4,553	0	0
TRIUMPH GROUP INC NEW	COM	896818101	9,161	869,664	SH		SOLE		869,664	0	0
TRIVAGO N V	SPON ADS A SHS	89686D105	1,838	1,361,446	SH		SOLE		1,361,446	0	0
TURNING PT BRANDS INC	COM	90041L105	3,657	169,077	SH		SOLE		169,077	0	0
TYLER TECHNOLOGIES INC	COM	902252105	2,472	7,553	SH		SOLE		7,553	0	0
UMH PPTYS INC	COM	903002103	2,551	158,437	SH		SOLE		158,437	0	0
UNITED RENTALS INC	COM	911363109	2,513	6,953	SH		SOLE		6,953	0	0
UNITED THERAPEUTICS CORP DEL	COM	91307C102	3,201	11,326	SH		SOLE		11,326	0	0
VAIL RESORTS INC	COM	91879Q109	2,206	9,102	SH		SOLE		9,102	0	0
VANGUARD INDEX FDS	EXTEND MKT ETF	922908652	1,932	14,505	SH		SOLE		14,505	0	0
VIAD CORP	COM	92552R406	10,492	429,791	SH		SOLE		429,791	0	0
VICI PPTYS INC	COM	925652109	2,986	90,855	SH		SOLE		90,855	0	0
VISTRA CORP	COM	92840M102	3,011	127,855	SH		SOLE		127,855	0	0
VOYA FINANCIAL INC	COM	929089100	342	5,557	SH		SOLE		5,557	0	0
WEATHERFORD INTL PLC	ORD SHS	G48833118	29,932	593,048	SH		SOLE		593,048	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	2,119	35,013	SH		SOLE		35,013	0	0
WESTERN DIGITAL CORP.	COM	958102105	1,511	47,103	SH		SOLE		47,103	0	0
XPO INC	COM	983793100	12,182	364,792	SH		SOLE		364,792	0	0
YORK WTR CO	COM	987184108	3,284	73,008	SH		SOLE		73,008	0	0