Private 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

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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
AerSale Corp.	COM	00810F106	7,167	575,180	SH		DFND		283,809	291,371	0
Air Transport Services Group,	COM	00922R105	17,591	757,272	SH		DFND		175,814	581,458	0
Asure Software Inc.	COM	04649U102	19,379	2,184,745	SH		DFND		592,538	1,592,207	0
Barrett Business Services	COM	068463108	14,843	204,420	SH		DFND		60,385	144,035	0
CapStar Financial Holdings, In	COM	14070T102	8,216	400,786	SH		DFND		113,534	287,252	0
Celanese Corp.	COM	150870103	7,277	48,004	SH		DFND		5,410	42,594	0
Community Financial Corporatio	COM	20368X101	1,172	33,968	SH		DFND		58	33,910	0
ECN Capital Corporation	COM	26829L107	49,917	6,655,583	SH		DFND		2,001,450	4,654,133	0
Eastern Bankshares, Inc.	COM	27627N105	8,423	409,500	SH		DFND		103,520	305,980	0
Everi Holdings, Inc.	COM	30034T103	32,695	1,310,961	SH		DFND		332,261	978,700	0
Fiesta Restaurant Group, Inc.	COM	31660B101	14,489	1,078,843	SH		DFND		271,695	807,148	0
First Busey Corp.	COM	319383204	9,164	371,630	SH		DFND		96,725	274,905	0
First Northwest Bancorp	COM	335834107	12,265	698,833	SH		DFND		184,747	514,086	0
Imax Corporation	COM	45245E109	22,022	1,024,272	SH		DFND		278,765	745,507	0
Information Services Group	COM	45675Y104	33,855	5,787,119	SH		DFND		1,584,638	4,202,481	0
Jefferies Financial Group Inc.	COM	47233W109	27,184	794,855	SH		DFND		228,995	565,860	0
KKR & Co. Inc. Cl A	COM	48251W104	42,717	721,087	SH		DFND		183,840	537,247	0
KKR Acquisition Holdings I Cor	COM	48253T109	10,014	1,019,738	SH		DFND		78,700	941,038	0
Lantheus Holdings Inc.	COM	516544103	25,888	936,608	SH		DFND		235,880	700,728	0
Meridian Bancorp, Inc.	COM	58958U103	3,540	173,000	SH		DFND		46,500	126,500	0
Motorcar Parts of America, Inc	COM	620071100	23,686	1,055,520	SH		DFND		288,003	767,517	0
Perion Network Ltd.	COM	M78673114	31,950	1,491,592	SH		DFND		471,652	1,019,940	0
PowerFleet, Inc.	COM	73931J109	8,570	1,190,227	SH		DFND		602,185	588,042	0
QuinStreet, Inc.	COM	74874Q100	49,609	2,670,005	SH		DFND		921,432	1,748,573	0
Raymond James Financial, Inc.	COM	754730109	10,813	83,241	SH		DFND		4,225	79,016	0
SmartFinancial Inc.	COM	83190L208	12,391	516,058	SH		DFND		151,231	364,827	0
StoneX Group Inc.	COM	861896108	23,354	384,942	SH		DFND		104,765	280,177	0
Stoneridge, Inc.	COM	86183P102	10,775	365,248	SH		DFND		95,165	270,083	0
Synovus Financial Corp.	COM	87161C501	13,299	303,077	SH		DFND		78,370	224,707	0
Target Hospitality Corp.	COM	87615L107	18,134	4,887,798	SH		DFND		1,382,606	3,505,192	0
Tastemaker Acquisition Corp.	COM	876545104	292	30,000	SH		DFND		30,000	0	0
Tronox Holdings PLC	COM	G9087Q102	25,460	1,136,589	SH		DFND		313,240	823,349	0
Verint Systems Inc.	COM	92343X100	11,701	259,612	SH		DFND		70,920	188,692	0
AerSale Corp. WTS Exp 12/22/25	WT	00810F114	371	130,000	SH		DFND		130,000	0	0
KKR Acquis. Hldgs I Corp. WTS Exp 12/31/27	WT	48253T117	415	351,302	SH		DFND		100,050	251,252	0
Visteon Corp.	COM	92839U206	17,093	141,333	SH		DFND		39,054	102,279	0
Alliance Data Systems Corporation	COM	018581108	2,084	20,000	SH	Call	DFND		20,000	0	0
Air Transport Services Group, Inc.	COM	00922R105	1,661	71,500	SH	Call	DFND		40,000	0	0
Alteryx, Inc. Class A	COM	02156B103	817	9,500	SH	Call	DFND		9,500	0	0
BP p.l.c. Sponsored ADR	COM	055622104	476	18,000	SH	Call	DFND		18,000	0	0
Carnival Corporation	COM	143658300	395	15,000	SH	Call	DFND		15,000	0	0
Coinbase Global, Inc. Class A	COM	19260Q107	1,520	6,000	SH	Call	DFND		6,000	0	0
FireEye, Inc.	COM	31816Q101	526	26,000	SH	Call	DFND		26,000	0	0
Perion Network Ltd	COM	M78673114	1,564	73,000	SH	Call	DFND		56,500	0	0
Palantir Technologies Inc. Class A	COM	69608A108	1,054	40,000	SH	Call	DFND		40,000	0	0
Pilgrim's Pride Corporation	COM	72147K108	262	11,800	SH	Call	DFND		11,800	0	0
PowerFleet, Inc.	COM	73931J109	432	60,000	SH	Call	DFND		40,000	0	0
SelectQuote Inc	COM	816307300	1,290	67,000	SH	Call	DFND		67,000	0	0
ProShares UltraShort 20 Year Treasury	COM	74347B201	942	50,000	SH	Call	DFND		50,000	0	0
ViacomCBS Inc. Class B	COM	92556H206	1,356	30,000	SH	Call	DFND		30,000	0	0
Walmart Inc.	COM	931142103	1,974	14,000	SH	Call	DFND		14,000	0	0
Alliance Data Systems Corporation	COM	018581108	2,084	20,000	SH	Put	DFND		20,000	0	0
Air Transport Services Group, Inc.	COM	00922R105	732	31,500	SH	Put	DFND		31,500	0	0
Alteryx, Inc. Class A	COM	02156B103	817	9,500	SH	Put	DFND		9,500	0	0
Coinbase Global, Inc. Class A	COM	19260Q107	1,520	6,000	SH	Put	DFND		6,000	0	0
SPDR Dow Jones Industrial Average ETF Trust	COM	78467X109	5,174	15,000	SH	Put	DFND		15,000	0	0
FireEye, Inc.	COM	31816Q101	1,335	66,000	SH	Put	DFND		40,000	0	0
Guidewire Software, Inc.	COM	40171V100	1,296	11,500	SH	Put	DFND		11,500	0	0
Perion Network Ltd	COM	M78673114	782	36,500	SH	Put	DFND		36,500	0	0
Palantir Technologies Inc. Class A	COM	69608A108	1,054	40,000	SH	Put	DFND		40,000	0	0
Pilgrim's Pride Corporation	COM	72147K108	262	11,800	SH	Put	DFND		11,800	0	0
Phillips 66	COM	718546104	343	4,000	SH	Put	DFND		4,000	0	0
ProShares UltraShort 20 Year Treasury	COM	74347B201	942	50,000	SH	Put	DFND		50,000	0	0
Teladoc Health, Inc.	COM	87918A105	831	5,000	SH	Put	DFND		5,000	0	0
ViacomCBS Inc. Class B	COM	92556H206	1,356	30,000	SH	Put	DFND		30,000	0	0
Walmart Inc.	COM	931142103	3,949	28,000	SH	Put	DFND		14,000	0	0