Punch & Associates Investment 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
180 DEGREE CAP CORP	COM NEW	68235B208	2,620,953	714,156	SH		SOLE		0	0	714,156
A10 NETWORKS INC	COM	002121101	24,569,136	1,335,279	SH		SOLE		0	0	1,335,279
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	11,269,179	32,034	SH		SOLE		0	0	32,034
ADDUS HOMECARE CORP	COM	006739106	13,541,026	108,026	SH		SOLE		0	0	108,026
AGILYSYS INC	COM	00847J105	13,165,732	99,960	SH		SOLE		0	0	99,960
AGNC INVT CORP	COM	00123Q104	8,350,099	906,634	SH		SOLE		0	0	906,634
ALAMO GROUP INC	COM	011311107	13,107,147	70,503	SH		SOLE		0	0	70,503
ALEXANDER & BALDWIN INC NEW	COM	014491104	4,471,436	252,054	SH		SOLE		0	0	252,054
ALLIENT INC	COM	019330109	5,050,240	208,000	SH		SOLE		0	0	208,000
ALPHABET INC	CAP STK CL A	02079K305	25,653,839	135,519	SH		SOLE		0	0	135,519
ALPS ETF TR	ALERIAN MLP	00162Q452	8,321,347	172,785	SH		SOLE		0	0	172,785
AMERICAN COASTAL INS CORP	COM	910710102	7,421,131	551,347	SH		SOLE		0	0	551,347
AMERIPRISE FINL INC	COM	03076C106	13,982,975	26,263	SH		SOLE		0	0	26,263
ARCHER DANIELS MIDLAND CO	COM	039483102	4,578,274	90,623	SH		SOLE		0	0	90,623
ARCOSA INC	COM	039653100	34,027,845	351,745	SH		SOLE		0	0	351,745
ARHAUS INC	COM CL A	04035M102	9,829,240	1,045,664	SH		SOLE		0	0	1,045,664
ARTISAN PARTNERS ASSET MGMT	CL A	04316A108	543,377	12,622	SH		SOLE		0	0	12,622
ASTRONOVA INC	COM	04638F108	5,810,534	483,808	SH		SOLE		0	0	483,808
AT&T INC	COM	00206R102	8,481,230	372,474	SH		SOLE		0	0	372,474
AVIAT NETWORKS INC	COM NEW	05366Y201	7,223,662	398,877	SH		SOLE		0	0	398,877
AVID BIOSERVICES INC	COM	05368M106	35,619,297	2,884,154	SH		SOLE		0	0	2,884,154
BARINGS BDC INC	COM	06759L103	11,614,163	1,213,601	SH		SOLE		0	0	1,213,601
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	16,426,324	36,239	SH		SOLE		0	0	36,239
BLACKSTONE MTG TR INC	COM CL A	09257W100	5,355,577	307,615	SH		SOLE		0	0	307,615
BLACKSTONE SECD LENDING FD	COMMON STOCK	09261X102	8,716,620	269,781	SH		SOLE		0	0	269,781
BLUELINX HLDGS INC	COM NEW	09624H208	38,612,057	377,957	SH		SOLE		0	0	377,957
BOEING CO	DEP CONV PFD A	097023204	6,413,848	105,335	SH		SOLE		0	0	105,335
BRIDGEWATER BANCSHARES INC	COM	108621103	8,578,850	635,000	SH		SOLE		0	0	635,000
BRIGHTSPIRE CAPITAL INC	COM CL A	10949T109	12,561,479	2,227,213	SH		SOLE		0	0	2,227,213
BRIGHTVIEW HLDGS INC	COM	10948C107	17,035,035	1,065,356	SH		SOLE		0	0	1,065,356
BUILDERS FIRSTSOURCE INC	COM	12008R107	16,521,459	115,591	SH		SOLE		0	0	115,591
BUNGE GLOBAL SA	COM SHS	H11356104	7,592,834	97,644	SH		SOLE		0	0	97,644
CAPITAL SOUTHWEST CORP	COM	140501107	14,671,057	672,367	SH		SOLE		0	0	672,367
CARRIER GLOBAL CORPORATION	COM	14448C104	9,270,628	135,813	SH		SOLE		0	0	135,813
CAVCO INDS INC DEL	COM	149568107	18,692,057	41,889	SH		SOLE		0	0	41,889
CHAMPION HOMES INC	COM	830830105	14,126,162	160,342	SH		SOLE		0	0	160,342
CIVEO CORP CDA	COM NEW	17878Y207	9,867,296	434,300	SH		SOLE		0	0	434,300
CIVITAS RESOURCES INC	COM NEW	17888H103	11,149,588	243,069	SH		SOLE		0	0	243,069
CLARIVATE PLC	ORD SHS	G21810109	54,966	10,820	SH		SOLE		0	0	10,820
CLEARFIELD INC	COM	18482P103	7,936,000	256,000	SH		SOLE		0	0	256,000
CLIMB GLOBAL SOLUTIONS INC	COM	946760105	23,887,178	188,459	SH		SOLE		0	0	188,459
COASTAL FINL CORP WA	COM NEW	19046P209	3,311,490	39,000	SH		SOLE		0	0	39,000
COLUMBUS MCKINNON CORP N Y	COM	199333105	15,862,877	425,963	SH		SOLE		0	0	425,963
CSW INDUSTRIALS INC	COM	126402106	16,670,987	47,253	SH		SOLE		0	0	47,253
DEERE & CO	COM	244199105	9,479,948	22,374	SH		SOLE		0	0	22,374
DIAMOND HILL INVT GROUP INC	COM NEW	25264R207	10,692,594	68,940	SH		SOLE		0	0	68,940
DISNEY WALT CO	COM	254687106	14,250,504	127,979	SH		SOLE		0	0	127,979
DISTRIBUTION SOLUTIONS GRP I	COM	520776105	8,496,318	246,986	SH		SOLE		0	0	246,986
DLH HLDGS CORP	COM	23335Q100	4,526,126	563,652	SH		SOLE		0	0	563,652
DOCGO INC	COM	256086109	7,953,847	1,875,907	SH		SOLE		0	0	1,875,907
DOUGLAS DYNAMICS INC	COM	25960R105	17,216,093	728,569	SH		SOLE		0	0	728,569
EASTERLY GOVT PPTYS INC	COM	27616P103	9,844,203	866,567	SH		SOLE		0	0	866,567
ELECTROMED INC	COM	285409108	8,001,992	270,795	SH		SOLE		0	0	270,795
ELEVANCE HEALTH INC	COM	036752103	8,260,990	22,394	SH		SOLE		0	0	22,394
ELLINGTON FINANCIAL INC	COM	28852N109	22,483,980	1,855,114	SH		SOLE		0	0	1,855,114
EOG RES INC	COM	26875P101	9,227,381	75,276	SH		SOLE		0	0	75,276
EPSILON ENERGY LTD	COM	294375209	1,650,960	265,855	SH		SOLE		0	0	265,855
ETSY INC	COM	29786A106	5,259,058	99,434	SH		SOLE		0	0	99,434
FIRST FNDTN INC	COM	32026V104	88,492	14,250	SH		SOLE		0	0	14,250
FIRST INTST BANCSYSTEM INC	COM	32055Y201	7,632,398	235,060	SH		SOLE		0	0	235,060
FIRST TR HIGH YIELD OPPRT 20	COM	33741Q107	8,192,114	565,754	SH		SOLE		0	0	565,754
FIRST WESTN FINL INC	COM	33751L105	6,949,536	355,475	SH		SOLE		0	0	355,475
FISERV INC	COM	337738108	22,159,418	107,874	SH		SOLE		0	0	107,874
FLEXSTEEL INDS INC	COM	339382103	3,623,663	66,685	SH		SOLE		0	0	66,685
FRANKLIN COVEY CO	COM	353469109	25,520,565	679,100	SH		SOLE		0	0	679,100
GAMBLING COM GROUP LIMITED	ORDINARY SHARES	G3R239101	13,422,182	953,280	SH		SOLE		0	0	953,280
GLOBAL SHIP LEASE INC NEW	COM CL A	Y27183600	30,400,889	1,392,620	SH		SOLE		0	0	1,392,620
GRAHAM CORP	COM	384556106	3,391,060	76,255	SH		SOLE		0	0	76,255
GREEN BRICK PARTNERS INC	COM	392709101	21,616,248	382,656	SH		SOLE		0	0	382,656
GREENLIGHT CAPITAL RE LTD	CLASS A	G4095J109	8,961,134	640,081	SH		SOLE		0	0	640,081
HACKETT GROUP INC	COM	404609109	12,414,149	404,106	SH		SOLE		0	0	404,106
HARVARD BIOSCIENCE INC	COM	416906105	5,814,316	2,755,600	SH		SOLE		0	0	2,755,600
HCI GROUP INC	COM	40416E103	2,131,450	18,291	SH		SOLE		0	0	18,291
HEALTHSTREAM INC	COM	42222N103	25,271,267	794,694	SH		SOLE		0	0	794,694
HERITAGE GLOBAL INC	COM	42727E103	4,626,850	2,501,000	SH		SOLE		0	0	2,501,000
HILLMAN SOLUTIONS CORP	COM	431636109	16,567,761	1,701,002	SH		SOLE		0	0	1,701,002
LUMENT FINANCE TRUST INC	COM	55025L108	3,307,676	1,282,045	SH		SOLE		0	0	1,282,045
INFUSYSTEM HLDGS INC	COM	45685K102	8,109,093	959,656	SH		SOLE		0	0	959,656
INNOVATIVE SOLUTIONS & SUPPO	COM	45769N105	1,067,500	125,000	SH		SOLE		0	0	125,000
INTEVAC INC	COM	461148108	775,200	228,000	SH		SOLE		0	0	228,000
IQVIA HLDGS INC	COM	46266C105	11,588,981	58,974	SH		SOLE		0	0	58,974
ISHARES TR	CORE MSCI EAFE	46432F842	4,006	57	SH		SOLE		0	0	57
ISHARES TR	CORE S&P500 ETF	464287200	14,128	24	SH		SOLE		0	0	24
ISHARES TR	CORE S&P SCP ETF	464287804	8,641	75	SH		SOLE		0	0	75
ISHARES TR	CORE US AGGBD ET	464287226	58,624	605	SH		SOLE		0	0	605
ISHARES TR	IBOXX HI YD ETF	464288513	6,135	78	SH		SOLE		0	0	78
ISHARES TR	IBOXX INV CP ETF	464287242	3,953	37	SH		SOLE		0	0	37
ISHARES TR	MICRO-CAP ETF	464288869	46,155	354	SH		SOLE		0	0	354
ISHARES TR	MSCI USA ESG SLC	464288802	23,102	190	SH		SOLE		0	0	190
ISHARES TR	RUSSELL 2000 ETF	464287655	108,270	490	SH		SOLE		0	0	490
ISHARES TR	RUSSELL 3000 ETF	464287689	1,578,256	4,722	SH		SOLE		0	0	4,722
ISHARES TR	S&P 500 VAL ETF	464287408	2,860	15	SH		SOLE		0	0	15
ISSUER DIRECT CORP	COM NEW	46520M204	996,810	111,500	SH		SOLE		0	0	111,500
JOHNSON & JOHNSON	COM	478160104	7,794,867	53,899	SH		SOLE		0	0	53,899
JPMORGAN CHASE & CO.	COM	46625H100	13,752,098	57,370	SH		SOLE		0	0	57,370
KARAT PACKAGING INC	COM	48563L101	1,618,910	53,500	SH		SOLE		0	0	53,500
KENNEDY-WILSON HOLDINGS INC	COM	489398107	12,572,440	1,258,503	SH		SOLE		0	0	1,258,503
KINDER MORGAN INC DEL	COM	49456B101	14,605,321	533,041	SH		SOLE		0	0	533,041
KKR & CO INC	COM	48251W104	24,240,943	163,890	SH		SOLE		0	0	163,890
LADDER CAP CORP	CL A	505743104	6,930,619	619,358	SH		SOLE		0	0	619,358
LAUREATE EDUCATION INC	COMMON STOCK	518613203	25,883,950	1,415,197	SH		SOLE		0	0	1,415,197
LEGACY HOUSING CORP	COM	52472M101	15,746,334	638,020	SH		SOLE		0	0	638,020
LINCOLN EDL SVCS CORP	COM	533535100	13,554,576	856,800	SH		SOLE		0	0	856,800
LIQUIDITY SVCS INC	COM	53635B107	16,091,980	498,358	SH		SOLE		0	0	498,358
LOGAN RIDGE FINANCE CORP	COM	541098109	5,646,840	225,964	SH		SOLE		0	0	225,964
MADDEN STEVEN LTD	COM	556269108	8,297,356	195,140	SH		SOLE		0	0	195,140
MAMAS CREATIONS INC	COM	56146T103	1,034,800	130,000	SH		SOLE		0	0	130,000
MATCH GROUP INC NEW	COM	57667L107	10,243,257	313,154	SH		SOLE		0	0	313,154
MICROSOFT CORP	COM	594918104	15,076,857	35,770	SH		SOLE		0	0	35,770
MIMEDX GROUP INC	COM	602496101	16,606,662	1,726,264	SH		SOLE		0	0	1,726,264
NEOGEN CORP	COM	640491106	14,217,642	1,171,140	SH		SOLE		0	0	1,171,140
NORTHEAST BK PORTLAND ME	COM	66405S100	1,013,616	11,050	SH		SOLE		0	0	11,050
NORTHERN TECHNOLOGIES INTL C	COM	665809109	3,337,102	247,376	SH		SOLE		0	0	247,376
NPK INTERNATIONAL INC	COM SHS	651718504	12,678,510	1,653,000	SH		SOLE		0	0	1,653,000
NVE CORP	COM NEW	629445206	7,530,239	92,475	SH		SOLE		0	0	92,475
OPTEX SYS HLDGS INC	COM NEW	68384X209	2,555,350	372,500	SH		SOLE		0	0	372,500
ORACLE CORP	COM	68389X105	14,933,587	89,616	SH		SOLE		0	0	89,616
PAR PAC HOLDINGS INC	COM NEW	69888T207	15,264,713	931,343	SH		SOLE		0	0	931,343
PERFORMANT HEALTHCARE INC	COM	71377E105	8,879,102	2,940,100	SH		SOLE		0	0	2,940,100
PHX MINERALS INC	CL A	69291A100	9,775,536	2,443,884	SH		SOLE		0	0	2,443,884
PIMCO DYNAMIC INCOME STRATEG	COM SHS BEN INT	69346N107	33,310,315	1,274,792	SH		SOLE		0	0	1,274,792
PLUMAS BANCORP	COM	729273102	2,076,604	43,940	SH		SOLE		0	0	43,940
PORTMAN RIDGE FIN CORP	COM NEW	73688F201	3,103,342	189,923	SH		SOLE		0	0	189,923
POTBELLY CORP	COM	73754Y100	12,126,884	1,287,355	SH		SOLE		0	0	1,287,355
PRO-DEX INC COLO	COM NEW	74265M205	2,992,000	64,000	SH		SOLE		0	0	64,000
QUEST RESOURCE HLDG CORP	COM NEW	74836W203	2,192,125	337,250	SH		SOLE		0	0	337,250
RADNET INC	COM	750491102	46,432,705	664,844	SH		SOLE		0	0	664,844
RENTOKIL INITIAL PLC	SPONSORED ADR	760125104	14,382,661	568,036	SH		SOLE		0	0	568,036
REPUBLIC SVCS INC	COM	760759100	11,876,209	59,033	SH		SOLE		0	0	59,033
RESEARCH SOLUTIONS INC	COM	761025105	9,669,998	2,330,120	SH		SOLE		0	0	2,330,120
RF INDS LTD	COM PAR $0.01	749552105	3,967,102	1,014,604	SH		SOLE		0	0	1,014,604
ROYALTY PHARMA PLC	SHS CLASS A	G7709Q104	12,046,143	472,213	SH		SOLE		0	0	472,213
ROYCE MICRO-CAP TR INC	COM	780915104	10,591,766	1,086,335	SH		SOLE		0	0	1,086,335
SELECT WATER SOLUTIONS INC	CL A COM	81617J301	26,974,298	2,037,334	SH		SOLE		0	0	2,037,334
SILA REALTY TRUST INC	COMMON STOCK	146280508	22,608,706	929,634	SH		SOLE		0	0	929,634
SILVERCREST ASSET MGMT GROUP	CL A	828359109	7,905,493	429,880	SH		SOLE		0	0	429,880
SPROUTS FMRS MKT INC	COM	85208M102	36,816,881	289,737	SH		SOLE		0	0	289,737
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	8,749,680	115,462	SH		SOLE		0	0	115,462
STONEX GROUP INC	COM	861896108	76,002,827	775,777	SH		SOLE		0	0	775,777
TACTILE SYS TECHNOLOGY INC	COM	87357P100	3,597,300	210,000	SH		SOLE		0	0	210,000
TARGET CORP	COM	87612E106	7,686,515	56,861	SH		SOLE		0	0	56,861
TAYLOR DEVICES INC	COM	877163105	2,081,000	50,000	SH		SOLE		0	0	50,000
TECHTARGET INC	COM NEW	87874R308	9,235,784	465,983	SH		SOLE		0	0	465,983
THERMO FISHER SCIENTIFIC INC	COM	883556102	11,519,084	22,142	SH		SOLE		0	0	22,142
TIDEWATER INC NEW	COM	88642R109	17,615,910	321,987	SH		SOLE		0	0	321,987
TILE SHOP HLDGS INC	COM	88677Q109	73,992	10,677	SH		SOLE		0	0	10,677
TOPGOLF CALLAWAY BRANDS CORP	COM	131193104	9,723,164	1,237,044	SH		SOLE		0	0	1,237,044
TRANSCAT INC	COM	893529107	9,889,862	93,530	SH		SOLE		0	0	93,530
U HAUL HOLDING COMPANY	COM	023586100	460,902	6,671	SH		SOLE		0	0	6,671
U HAUL HOLDING COMPANY	COM SER N	023586506	5,653,373	88,265	SH		SOLE		0	0	88,265
UFP TECHNOLOGIES INC	COM	902673102	9,095,772	37,200	SH		SOLE		0	0	37,200
ULTA BEAUTY INC	COM	90384S303	11,581,316	26,628	SH		SOLE		0	0	26,628
UNIVERSAL TECHNICAL INST INC	COM	913915104	40,963,306	1,593,283	SH		SOLE		0	0	1,593,283
VANGUARD INDEX FDS	REAL ESTATE ETF	922908553	10	0	SH		SOLE		0	0	0
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	632,024	1,173	SH		SOLE		0	0	1,173
VANGUARD INDEX FDS	SMALL CP ETF	922908751	73,285	305	SH		SOLE		0	0	305
VANGUARD INDEX FDS	SM CP VAL ETF	922908611	240,105	1,212	SH		SOLE		0	0	1,212
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	93,927	324	SH		SOLE		0	0	324
VERRA MOBILITY CORP	CL A COM STK	92511U102	26,493,159	1,095,664	SH		SOLE		0	0	1,095,664
VIANT TECHNOLOGY INC	COM CL A	92557A101	13,719,231	722,445	SH		SOLE		0	0	722,445
VIEMED HEALTHCARE INC	COM	92663R105	6,782,121	845,651	SH		SOLE		0	0	845,651
VITESSE ENERGY INC	COMMON STOCK	92852X103	27,796,549	1,111,862	SH		SOLE		0	0	1,111,862
WASTE MGMT INC DEL	COM	94106L109	10,283,215	50,960	SH		SOLE		0	0	50,960
WESTERN ASSET HIGH YIELD DEF	COM	95768B107	9,789,711	828,233	SH		SOLE		0	0	828,233
XPEL INC	COM	98379L100	3,674,480	92,000	SH		SOLE		0	0	92,000
LENDINGTREE INC	NOTE 0.500% 7/1	52603BAD9	3,472,647	3,642,000	PRN		SOLE		0	0	3,642,000
WAYFAIR INC	NOTE 0.625%10/0	94419LAM3	5,357,774	5,588,000	PRN		SOLE		0	0	5,588,000
TELADOC HEALTH INC	NOTE 1.250% 6/0	87918AAF2	4,432,221	5,077,000	PRN		SOLE		0	0	5,077,000