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
3M Company	COM	88579Y101	770,303	6,423	SH		DFND		4,000	2,423	0
Accenture PLC	COM	G1151C101	320,208	1,200	SH		DFND		1,200	0	0
Activision Blizzard Inc.	COM	00507V109	775,145	10,126	SH		DFND		10,000	126	0
AerSale Corp.	COM	00810F106	15,641,433	964,330	SH		DFND		493,784	470,546	0
Air Transport Services Group, Inc.	COM	00922R105	22,041,276	848,394	SH		DFND		229,779	618,615	0
Allstate Corporation	COM	020002101	325,440	2,400	SH		DFND		2,400	0	0
Alphabet Inc.	COM	02079K305	1,043,761	11,830	SH		DFND		4,000	7,830	0
Amazon.com	COM	023135106	809,760	9,640	SH		DFND		4,700	4,940	0
AMC Networks Inc.	COM	00164V103	227,215	14,500	SH		DFND		14,500	0	0
Amerigo Resources Ltd.	COM	03074G109	137,001	141,650	SH		DFND		141,650	0	0
Apple, Inc.	COM	037833100	1,251,767	9,634	SH		DFND		1,900	7,734	0
Asure Software Inc.	COM	04649U102	32,438,754	3,473,100	SH		DFND		937,849	2,535,251	0
Automatic Data Processing Inc.	COM	053015103	346,347	1,450	SH		DFND		1,000	450	0
Bank of America Corp.	COM	060505104	580,108	17,515	SH		DFND		11,000	6,515	0
Barrett Business Services	COM	068463108	24,466,737	262,293	SH		DFND		80,970	181,323	0
Berkshire Hathaway Inc. Cl B	COM	084670702	227,350	736	SH		DFND		0	736	0
CapStar Financial Holdings, Inc.	COM	14070T102	9,240,533	523,247	SH		DFND		123,893	399,354	0
Charles River Associates	COM	12618T105	9,717,636	79,373	SH		DFND		20,711	58,662	0
Citigroup Inc.	COM	172967424	467,226	10,330	SH		DFND		5,500	4,830	0
Community Financial Corporation	COM	20368X101	4,076,024	102,156	SH		DFND		13,904	88,252	0
Consolidated Edison Inc.	COM	209115104	241,858	2,538	SH		DFND		0	2,538	0
Direxion Financial Bull 3X Shs	COM	25459Y694	551,625	7,500	SH		DFND		7,500	0	0
Dow Jones Indl Average SPDR ETF	COM	78467X109	496,995	1,500	SH		DFND		200	1,300	0
Duke Energy Corp.	COM	26441C204	432,804	4,202	SH		DFND		2,500	1,702	0
Eastern Bankshares, Inc.	COM	27627N105	11,360,407	658,574	SH		DFND		178,505	480,069	0
ECN Capital Corporation	COM	26829L107	16,188,217	7,787,664	SH		DFND		2,476,450	5,311,214	0
Emerson Electric Co.	COM	291011104	335,796	3,496	SH		DFND		3,000	496	0
Energy Select Sector SPDR	COM	81369Y506	340,468	3,892	SH		DFND		0	3,892	0
Everi Holdings, Inc.	COM	30034T103	15,854,885	1,104,870	SH		DFND		320,255	784,615	0
Exxon Mobil Corp.	COM	30231G102	228,866	2,075	SH		DFND		700	1,375	0
Fiesta Restaurant Group, Inc.	COM	31660B101	11,563,674	1,573,289	SH		DFND		498,088	1,075,201	0
Financials Select Sector SPDR	COM	81369Y605	249,857	7,306	SH		DFND		0	7,306	0
First Busey Corp.	COM	319383204	16,007,037	647,534	SH		DFND		209,786	437,748	0
First Northwest Bancorp	COM	335834107	12,192,694	793,795	SH		DFND		217,104	576,691	0
FirstEnergy Corp.	COM	337932107	230,670	5,500	SH		DFND		5,500	0	0
Harrow Health Inc.	COM	415858109	15,374,916	1,041,661	SH		DFND		495,350	546,311	0
Healthcare Select Sector SPDR	COM	81369Y209	381,446	2,808	SH		DFND		0	2,808	0
Home Depot Inc.	COM	437076102	237,924	753	SH		DFND		0	753	0
Imax Corporation	COM	45245E109	16,799,378	1,145,933	SH		DFND		313,180	832,753	0
Information Services Group	COM	45675Y104	18,967,300	4,123,326	SH		DFND		1,085,268	3,038,058	0
Invesco QQQ Trust Series 1	COM	46090E103	452,307	1,699	SH		DFND		0	1,699	0
iShares Core MSCI Emerging Markets	COM	46434G103	322,619	6,908	SH		DFND		0	6,908	0
iShares Core S&P 500	COM	464287200	1,452,993	3,782	SH		DFND		0	3,782	0
iShares Core S&P Mid Cap ETF	COM	464287507	1,694,669	7,006	SH		DFND		0	7,006	0
iShares Core US Aggregate Bond ETF	COM	464287226	964,854	9,948	SH		DFND		0	9,948	0
iShares Russell 2000 ETF	COM	464287655	410,967	2,357	SH		DFND		800	1,557	0
iShares Silver Trust	COM	46428Q109	407,370	18,500	SH		DFND		18,500	0	0
iShares US Pharmaceuticals ETF	COM	464288836	204,743	1,100	SH		DFND		0	1,100	0
Jefferies Financial Group Inc.	COM	47233W109	30,093,724	877,880	SH		DFND		278,690	599,190	0
Johnson & Johnson	COM	478160104	833,251	4,717	SH		DFND		3,100	1,617	0
JP Morgan Chase Alerian MLP Index ETN	COM	46625H365	215,781	9,921	SH		DFND		0	9,921	0
Keurig Dr Pepper Inc	COM	49271V100	356,600	10,000	SH		DFND		10,000	0	0
KKR & Co. Inc. Cl A	COM	48251W104	30,447,270	655,908	SH		DFND		184,280	471,628	0
Kroger Co.	COM	501044101	289,770	6,500	SH		DFND		6,500	0	0
Lakeland Industries Inc.	COM	511795106	14,909,260	1,120,997	SH		DFND		347,605	773,392	0
Lantheus Holdings Inc.	COM	516544103	22,163,166	434,913	SH		DFND		136,386	298,527	0
Lincoln National Capital VI	COM	534187109	1,311,130	42,680	SH		DFND		42,500	180	0
Mastercard Incorporated	COM	57636Q104	504,539	1,451	SH		DFND		0	1,451	0
Medtronic PLC	COM	G5960L103	310,880	4,000	SH		DFND		4,000	0	0
Merck & Co. Inc.	COM	58933Y105	388,870	3,505	SH		DFND		2,200	1,305	0
Meta Platforms, Inc.	COM	30303M102	295,796	2,458	SH		DFND		0	2,458	0
Microsoft Corporation	COM	594918104	1,364,324	5,689	SH		DFND		1,800	3,889	0
Mosaic Company	COM	61945C103	350,960	8,000	SH		DFND		8,000	0	0
Motorcar Parts of America, Inc.	COM	620071100	16,538,948	1,394,515	SH		DFND		374,155	1,020,360	0
NextEra Energy Inc.	COM	65339F101	680,051	8,135	SH		DFND		0	8,135	0
Paramount Global	COM	92556H206	337,600	20,000	SH		DFND		20,000	0	0
Paychex, Inc.	COM	704326107	387,788	3,356	SH		DFND		3,000	356	0
Paypal Holdings Inc.	COM	70450Y103	1,103,910	15,500	SH		DFND		15,500	0	0
Pepsico, Inc.	COM	713448108	459,916	2,546	SH		DFND		900	1,646	0
Perion Network Ltd.	COM	M78673114	43,225,683	1,708,525	SH		DFND		531,780	1,176,745	0
PetIQ, Inc.	COM	71639T106	239,720	26,000	SH		DFND		26,000	0	0
Petroleo Brasileiro S.A.	COM	71654V408	532,500	50,000	SH		DFND		50,000	0	0
Pfizer, Inc.	COM	717081103	453,093	8,843	SH		DFND		8,200	643	0
PowerFleet, Inc.	COM	73931J109	7,771,875	2,889,173	SH		DFND		1,520,971	1,368,202	0
Procter & Gamble Co.	COM	742718109	270,339	1,784	SH		DFND		700	1,084	0
ProShares S&P 500 Dividend Aristocrats	COM	74348A467	2,815,181	31,283	SH		DFND		7,000	24,283	0
Qualcomm, Inc.	COM	747525103	490,327	4,460	SH		DFND		4,200	260	0
Quest Diagnostics, Inc.	COM	74834L100	375,456	2,400	SH		DFND		2,400	0	0
QuinStreet, Inc.	COM	74874Q100	54,167,261	3,774,722	SH		DFND		1,201,591	2,573,131	0
Raymond James Financial, Inc.	COM	754730109	8,371,377	78,347	SH		DFND		0	78,347	0
RealReal Inc.	COM	88339P101	30,000	24,000	SH		DFND		24,000	0	0
S&P Regional Banking SPDR	COM	78464A698	293,700	5,000	SH		DFND		0	5,000	0
Schwab International Equity ETF	COM	808524805	505,589	15,697	SH		DFND		0	15,697	0
Scotts Miracle Gro	COM	810186106	340,130	7,000	SH		DFND		7,000	0	0
Select Sector Spdr Tr Communication	COM	81369Y852	235,151	4,900	SH		DFND		0	4,900	0
SmartFinancial Inc.	COM	83190L208	15,001,953	545,526	SH		DFND		137,016	408,510	0
Southern Co.	COM	842587107	285,640	4,000	SH		DFND		4,000	0	0
Standard & Poor's Depositary Receipts	COM	78462F103	2,485,795	6,500	SH		DFND		6,500	0	0
Stoneridge, Inc.	COM	86183P102	9,925,017	460,344	SH		DFND		136,568	323,776	0
StoneX Group Inc.	COM	861896108	32,861,632	344,823	SH		DFND		98,121	246,702	0
Synovus Financial Corp.	COM	87161C501	13,157,355	350,396	SH		DFND		99,970	250,426	0
Target Hospitality Corp.	COM	87615L107	86,322,360	5,701,609	SH		DFND		1,670,057	4,031,552	0
Texas Instruments	COM	882508104	419,040	2,536	SH		DFND		2,000	536	0
Tractor Supply Co.	COM	892356106	247,467	1,100	SH		DFND		1,100	0	0
Tronox Holdings PLC	COM	G9087Q102	18,442,378	1,345,177	SH		DFND		427,005	918,172	0
Truist Financial Corp.	COM	89832Q109	365,755	8,500	SH		DFND		8,500	0	0
United Parcel Service	COM	911312106	257,089	1,479	SH		DFND		1,000	479	0
UnitedHealth Group	COM	91324P102	289,618	546	SH		DFND		0	546	0
Utilities Select Sector SPDR	COM	81369Y886	746,759	10,592	SH		DFND		0	10,592	0
Vanguard Dividend Appreciation Indx ETF	COM	921908844	2,381,345	15,682	SH		DFND		5,400	10,282	0
Vanguard FTSE All World Ex US ETF	COM	922042775	584,181	11,651	SH		DFND		0	11,651	0
Vanguard Intermediate Term Corp. Bond ETF	COM	92206C870	466,158	6,014	SH		DFND		0	6,014	0
Vanguard Real Estate ETF	COM	922908553	202,059	2,450	SH		DFND		0	2,450	0
Verint Systems Inc.	COM	92343X100	13,235,379	364,812	SH		DFND		102,450	262,362	0
Visa Inc.	COM	92826C839	382,527	1,841	SH		DFND		0	1,841	0
Visteon Corp.	COM	92839U206	18,840,347	144,006	SH		DFND		40,319	103,687	0
Walmart, Inc.	COM	931142103	283,105	1,997	SH		DFND		0	1,997	0
Walt Disney Co.	COM	254687106	521,801	6,006	SH		DFND		3,200	2,806	0
Waste Management	COM	94106L109	357,466	2,279	SH		DFND		0	2,279	0
Western Union Company	COM	959802109	275,400	20,000	SH		DFND		20,000	0	0
WisdomTree CBOE S&P 500 PutWrite Strategy	COM	97717X560	382,402	12,733	SH		DFND		0	12,733	0
WisdomTree US Mid-Cap Div Fund	COM	97717W505	1,949,428	47,385	SH		DFND		0	47,385	0
iShares Russell 2000 ETF	COM	464287655	34,872	200	SH	Put	DFND		200	0	0
Lincoln National Corp	COM	534187109	844,800	27,500	SH	Put	DFND		27,500	0	0
Paramount Global Class B	COM	92556H206	337,600	20,000	SH	Call	DFND		20,000	0	0
PayPal Holdings, Inc.	COM	70450Y103	712,200	10,000	SH	Put	DFND		10,000	0	0
Petroleo Brasileiro SA Sponsored ADR	COM	71654V408	852,000	80,000	SH	Put	DFND		80,000	0	0
Scotts Miracle-Gro Company Class A	COM	810186106	680,260	14,000	SH	Call	DFND		14,000	0	0
SPDR Dow Jones Industrial Average ETF Trust	COM	78467X109	66,266	200	SH	Put	DFND		200	0	0
UiPath, Inc. Class A	COM	90364P105	413,075	32,500	SH	Call	DFND		32,500	0	0