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 PHARMACEUTICALS INC	COM	004225108	4,478,722	187,003	SH		SOLE		187,003	0	0
AKOUSTIS TECHNOLOGIES INC	COM	00973N102	2,081,863	654,674	SH		SOLE		654,674	0	0
ALLEGRO MICROSYSTEMS INC	COM	01749D105	12,740,810	282,251	SH		SOLE		282,251	0	0
ALPHATEC HLDGS INC	COM NEW	02081G201	19,394,433	1,078,667	SH		SOLE		1,078,667	0	0
AMEDISYS INC	COM	023436108	223,205	2,441	SH		SOLE		2,441	0	0
AMERICAN AXLE & MFG HLDGS IN	COM	024061103	14,184,133	1,715,131	SH		SOLE		1,715,131	0	0
AMERIS BANCORP	COM	03076K108	10,048,093	293,718	SH		SOLE		293,718	0	0
AMETEK INC	COM	031100100	255,123	1,576	SH		SOLE		1,576	0	0
ARCBEST CORP	COM	03937C105	11,636,269	117,776	SH		SOLE		117,776	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	2,735,393	36,545	SH		SOLE		36,545	0	0
ARTIVION INC	COM	228903100	3,624,065	210,824	SH		SOLE		210,824	0	0
ASPEN AEROGELS INC	COM	04523Y105	6,036,016	765,021	SH		SOLE		765,021	0	0
AVIENT CORPORATION	COM	05368V106	10,955,188	267,853	SH		SOLE		267,853	0	0
AXIS CAP HLDGS LTD	SHS	G0692U109	9,207,675	171,051	SH		SOLE		171,051	0	0
BIOMERICA INC	COM NEW	09061H307	35,182	25,869	SH		SOLE		25,869	0	0
BLOOMIN BRANDS INC	COM	094235108	12,519,715	465,590	SH		SOLE		465,590	0	0
BOYD GAMING CORP	COM	103304101	9,705,834	139,914	SH		SOLE		139,914	0	0
BRIGHTVIEW HLDGS INC	COM	10948C107	2,750,342	383,056	SH		SOLE		383,056	0	0
CAESARS ENTERTAINMENT INC NE	COM	12769G100	2,924,608	57,379	SH		SOLE		57,379	0	0
CALAMP CORP	COM	128126109	1,310,506	1,236,326	SH		SOLE		1,236,326	0	0
CALIFORNIA RES CORP	COM STOCK	13057Q305	11,516,930	254,293	SH		SOLE		254,293	0	0
CARPENTER TECHNOLOGY CORP	COM	144285103	17,129,922	305,183	SH		SOLE		305,183	0	0
CENTERSPACE	COM	15202L107	2,957,797	48,204	SH		SOLE		48,204	0	0
CHAMPIONX CORPORATION	COM	15872M104	9,342,947	300,997	SH		SOLE		300,997	0	0
CHART INDS INC	COM	16115Q308	15,788,371	98,807	SH		SOLE		98,807	0	0
CHESAPEAKE ENERGY CORP	COM	165167735	2,821,606	33,719	SH		SOLE		33,719	0	0
CLEAR CHANNEL OUTDOOR HLDGS	COM	18453H106	7,740,316	5,649,866	SH		SOLE		5,649,866	0	0
COLLEGIUM PHARMACEUTICAL INC	COM	19459J104	2,264,165	105,359	SH		SOLE		105,359	0	0
COMMERCIAL METALS CO	COM	201723103	1,875,644	35,618	SH		SOLE		35,618	0	0
COMPASS MINERALS INTL INC	COM	20451N101	1,453,024	42,736	SH		SOLE		42,736	0	0
CROCS INC	COM	227046109	9,910,124	88,137	SH		SOLE		88,137	0	0
DARLING INGREDIENTS INC	COM	237266101	1,272,100	19,942	SH		SOLE		19,942	0	0
DIAMONDBACK ENERGY INC	COM	25278X109	3,026,140	23,037	SH		SOLE		23,037	0	0
DUCOMMUN INC DEL	COM	264147109	3,153,902	72,387	SH		SOLE		72,387	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	4,342,083	299,454	SH		SOLE		299,454	0	0
ESSENTIAL PPTYS RLTY TR INC	COM	29670E107	10,618,400	451,079	SH		SOLE		451,079	0	0
EXPEDIA GROUP INC	COM NEW	30212P303	281,570	2,574	SH		SOLE		2,574	0	0
FARMER BROS CO	COM	307675108	2,114,432	763,333	SH		SOLE		763,333	0	0
FB FINL CORP	COM	30257X104	9,463,313	337,373	SH		SOLE		337,373	0	0
FIVE BELOW INC	COM	33829M101	2,103,961	10,705	SH		SOLE		10,705	0	0
FLOOR & DECOR HLDGS INC	CL A	339750101	2,479,446	23,850	SH		SOLE		23,850	0	0
FORTUNA SILVER MINES INC	COM	349915108	2,423,708	748,058	SH		SOLE		748,058	0	0
FRESH DEL MONTE PRODUCE INC	ORD	G36738105	3,220,178	125,250	SH		SOLE		125,250	0	0
FTAI AVIATION LTD	SHS	G3730V105	9,644,617	304,631	SH		SOLE		304,631	0	0
GAMING & LEISURE PPTYS INC	COM	36467J108	2,113,777	43,619	SH		SOLE		43,619	0	0
GOGO INC	COM	38046C109	11,200,915	658,490	SH		SOLE		658,490	0	0
GOLDEN ENTMT INC	COM	381013101	20,122,144	481,391	SH		SOLE		481,391	0	0
GRAY TELEVISION INC	COM	389375106	8,566,198	1,087,081	SH		SOLE		1,087,081	0	0
GREEN DOT CORP	CL A	39304D102	1,468,972	78,387	SH		SOLE		78,387	0	0
GXO LOGISTICS INCORPORATED	COMMON STOCK	36262G101	16,863,024	268,434	SH		SOLE		268,434	0	0
H & E EQUIPMENT SERVICES INC	COM	404030108	18,588,362	406,303	SH		SOLE		406,303	0	0
HALOZYME THERAPEUTICS INC	COM	40637H109	10,333,694	286,490	SH		SOLE		286,490	0	0
HANCOCK WHITNEY CORPORATION	COM	410120109	10,080,430	262,648	SH		SOLE		262,648	0	0
HAWAIIAN ELEC INDUSTRIES	COM	419870100	520,556	14,380	SH		SOLE		14,380	0	0
HEALTHCARE SVCS GROUP INC	COM	421906108	3,624,063	242,737	SH		SOLE		242,737	0	0
HERBALIFE LTD	NOTE 2.625% 3/1	42703MAD5	577,150	595,000	PRN		SOLE		595,000	0	0
HESS CORP	COM	42809H107	294,604	2,167	SH		SOLE		2,167	0	0
HILLMAN SOLUTIONS CORP	COM	431636109	17,601,053	1,953,502	SH		SOLE		1,953,502	0	0
HILTON GRAND VACATIONS INC	COM	43283X105	11,611,329	255,531	SH		SOLE		255,531	0	0
INDEPENDENCE RLTY TR INC	COM	45378A106	592,405	32,514	SH		SOLE		32,514	0	0
INGEVITY CORP	COM	45688C107	452,136	7,774	SH		SOLE		7,774	0	0
ISHARES TR	RUSSELL 2000 ETF	464287655	1,321,190	7,055	SH		SOLE		7,055	0	0
KAISER ALUMINUM CORP	COM PAR $0.01	483007704	9,293,857	129,730	SH		SOLE		129,730	0	0
KIRBY CORP	COM	497266106	14,099,549	183,230	SH		SOLE		183,230	0	0
KULICKE & SOFFA INDS INC	COM	501242101	16,398,034	275,829	SH		SOLE		275,829	0	0
LANTHEUS HLDGS INC	COM	516544103	12,425,363	148,062	SH		SOLE		148,062	0	0
LINDBLAD EXPEDITIONS HLDGS I	COM	535219109	1,156,131	106,262	SH		SOLE		106,262	0	0
LIVENT CORP	COM	53814L108	14,355,545	523,352	SH		SOLE		523,352	0	0
MAGNITE INC	COM	55955D100	12,531,969	918,093	SH		SOLE		918,093	0	0
MARTIN MARIETTA MATLS INC	COM	573284106	473,232	1,025	SH		SOLE		1,025	0	0
MGM RESORTS INTERNATIONAL	COM	552953101	2,285,553	52,039	SH		SOLE		52,039	0	0
MIDDLESEX WTR CO	COM	596680108	4,187,545	51,916	SH		SOLE		51,916	0	0
MIRUM PHARMACEUTICALS INC	COM	604749101	6,190,018	239,274	SH		SOLE		239,274	0	0
MODIVCARE INC	COM	60783X104	2,449,116	54,172	SH		SOLE		54,172	0	0
MONRO INC	COM	610236101	3,565,689	87,760	SH		SOLE		87,760	0	0
NANOSTRING TECHNOLOGIES INC	COM	63009R109	1,104,868	272,807	SH		SOLE		272,807	0	0
NAVITAS SEMICONDUCTOR CORP	COM	63942X106	11,937,003	1,132,543	SH		SOLE		1,132,543	0	0
NEW RELIC INC	COM	64829B100	11,081,282	169,335	SH		SOLE		169,335	0	0
NEXPOINT RESIDENTIAL TR INC	COM	65341D102	952,033	20,933	SH		SOLE		20,933	0	0
NEXSTAR MEDIA GROUP INC	COMMON STOCK	65336K103	16,975,942	101,927	SH		SOLE		101,927	0	0
NORTHERN OIL & GAS INC	COM	665531307	13,911,625	405,373	SH		SOLE		405,373	0	0
NORTHWEST NAT HLDG CO	COM	66765N105	4,601,227	106,881	SH		SOLE		106,881	0	0
NOW INC	COM	67011P100	11,498,036	1,109,849	SH		SOLE		1,109,849	0	0
NVENT ELECTRIC PLC	SHS	G6700G107	1,903,471	36,839	SH		SOLE		36,839	0	0
O-I GLASS INC	COM	67098H104	14,223,505	666,831	SH		SOLE		666,831	0	0
OLIN CORP	COM PAR $1	680665205	1,687,905	32,845	SH		SOLE		32,845	0	0
OLO INC	CL A	68134L109	2,677,160	414,421	SH		SOLE		414,421	0	0
OPENLANE INC	COM	48238T109	2,100,664	138,020	SH		SOLE		138,020	0	0
OUSTER INC	COM NEW	68989M202	3,530,223	714,620	SH		SOLE		714,620	0	0
PAPA JOHNS INTL INC	COM	698813102	11,482,485	155,526	SH		SOLE		155,526	0	0
PATTERSON-UTI ENERGY INC	COM	703481101	8,443,782	705,412	SH		SOLE		705,412	0	0
PENN ENTERTAINMENT INC	COM	707569109	10,246,704	426,413	SH		SOLE		426,413	0	0
PENNANT GROUP INC	COM	70805E109	4,573,895	372,467	SH		SOLE		372,467	0	0
PERFORMANCE FOOD GROUP CO	COM	71377A103	2,054,847	34,111	SH		SOLE		34,111	0	0
PERRIGO CO PLC	SHS	G97822103	9,872,694	290,801	SH		SOLE		290,801	0	0
PINNACLE FINL PARTNERS INC	COM	72346Q104	8,491,665	149,897	SH		SOLE		149,897	0	0
PIXELWORKS INC	COM NEW	72581M305	2,110,337	1,219,848	SH		SOLE		1,219,848	0	0
PLANET FITNESS INC	CL A	72703H101	13,428,248	199,114	SH		SOLE		199,114	0	0
PLAYAGS INC	COM	72814N104	158,596	28,070	SH		SOLE		28,070	0	0
PLYMOUTH INDL REIT INC	COM	729640102	2,628,700	114,192	SH		SOLE		114,192	0	0
POPULAR INC	COM NEW	733174700	14,346,145	237,048	SH		SOLE		237,048	0	0
PORTLAND GEN ELEC CO	COM NEW	736508847	472,093	10,081	SH		SOLE		10,081	0	0
POSTAL REALTY TRUST INC	CL A	73757R102	3,190,231	216,875	SH		SOLE		216,875	0	0
PRIMERICA INC	COM	74164M108	2,213,528	11,193	SH		SOLE		11,193	0	0
PROGYNY INC	COM	74340E103	10,891,948	276,867	SH		SOLE		276,867	0	0
PTC INC	COM	69370C100	2,702,989	18,995	SH		SOLE		18,995	0	0
RADNET INC	COM	750491102	12,103,292	371,039	SH		SOLE		371,039	0	0
RAMBUS INC DEL	COM	750917106	12,838,043	200,063	SH		SOLE		200,063	0	0
REYNOLDS CONSUMER PRODS INC	COM	76171L106	734,246	25,991	SH		SOLE		25,991	0	0
RINGCENTRAL INC	CL A	76680R206	11,843,449	361,853	SH		SOLE		361,853	0	0
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	15,719,462	169,172	SH		SOLE		169,172	0	0
SANDSTORM GOLD LTD	COM NEW	80013R206	4,567,956	892,179	SH		SOLE		892,179	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	9,267,989	1,012,895	SH		SOLE		1,012,895	0	0
SEACOAST BKG CORP FLA	COM NEW	811707801	7,498,442	339,296	SH		SOLE		339,296	0	0
SEAWORLD ENTMT INC	COM	81282V100	17,269,115	308,322	SH		SOLE		308,322	0	0
SI-BONE INC	COM	825704109	9,863,672	365,592	SH		SOLE		365,592	0	0
SOUTHSTATE CORPORATION	COM	840441109	9,059,081	137,676	SH		SOLE		137,676	0	0
SPIRE INC	COM	84857L101	511,390	8,061	SH		SOLE		8,061	0	0
SPIRIT AEROSYSTEMS HLDGS INC	COM CL A	848574109	21,386,083	732,651	SH		SOLE		732,651	0	0
SSR MINING IN	COM	784730103	688,482	48,553	SH		SOLE		48,553	0	0
STAG INDL INC	COM	85254J102	2,501,410	69,716	SH		SOLE		69,716	0	0
STAGWELL INC	COM CL A	85256A109	11,755,285	1,630,414	SH		SOLE		1,630,414	0	0
SUMMIT MATLS INC	CL A	86614U100	15,897,189	420,005	SH		SOLE		420,005	0	0
TALOS ENERGY INC	COM	87484T108	8,011,839	577,638	SH		SOLE		577,638	0	0
TELESIS BIO INC	COM	192003101	915,645	579,522	SH		SOLE		579,522	0	0
TENET HEALTHCARE CORP	COM NEW	88033G407	18,285,435	224,692	SH		SOLE		224,692	0	0
TERADYNE INC	COM	880770102	2,270,241	20,392	SH		SOLE		20,392	0	0
TEXAS CAP BANCSHARES INC	COM	88224Q107	1,280,187	24,858	SH		SOLE		24,858	0	0
TEXTRON INC	COM	883203101	2,036,136	30,107	SH		SOLE		30,107	0	0
TRANSOCEAN LTD	REG SHS	H8817H100	21,962,807	3,133,068	SH		SOLE		3,133,068	0	0
TRIUMPH GROUP INC NEW	COM	896818101	11,586,088	936,628	SH		SOLE		936,628	0	0
TTM TECHNOLOGIES INC	COM	87305R109	584,537	42,053	SH		SOLE		42,053	0	0
TURNING PT BRANDS INC	COM	90041L105	5,100,156	212,418	SH		SOLE		212,418	0	0
UMH PPTYS INC	COM	903002103	2,734,258	171,105	SH		SOLE		171,105	0	0
UNITED RENTALS INC	COM	911363109	405,287	910	SH		SOLE		910	0	0
UNITED THERAPEUTICS CORP DEL	COM	91307C102	2,273,063	10,297	SH		SOLE		10,297	0	0
VANGUARD INDEX FDS	EXTEND MKT ETF	922908652	1,782,983	11,980	SH		SOLE		11,980	0	0
VIAD CORP	COM	92552R406	8,465,157	314,924	SH		SOLE		314,924	0	0
VOYA FINANCIAL INC	COM	929089100	357,474	4,985	SH		SOLE		4,985	0	0
WEATHERFORD INTL PLC	ORD SHS	G48833118	28,968,364	442,233	SH		SOLE		442,233	0	0
WESTERN DIGITAL CORP.	COM	958102105	2,844,143	74,984	SH		SOLE		74,984	0	0
XPO INC	COM	983793100	13,469,287	228,293	SH		SOLE		228,293	0	0
XPONENTIAL FITNESS INC	COM CL A	98422X101	5,442,272	315,494	SH		SOLE		315,494	0	0
YORK WTR CO	COM	987184108	1,484,977	35,982	SH		SOLE		35,982	0	0
ZUORA INC	COM CL A	98983V106	10,130,992	923,518	SH		SOLE		923,518	0	0