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
Apple, Inc.	COM	037833100	1,595,058	9,673	SH		DFND		1,900	7,773	0
Accenture PLC	COM	G1151C101	342,972	1,200	SH		DFND		1,200	0	0
Automatic Data Processing Inc.	COM	053015103	545,444	2,450	SH		DFND		2,000	450	0
American Electric Power	COM	025537101	414,005	4,550	SH		DFND		4,200	350	0
iShares Core US Aggregate Bond ETF	COM	464287226	983,279	9,868	SH		DFND		0	9,868	0
Allstate Corporation	COM	020002101	265,944	2,400	SH		DFND		2,400	0	0
JP Morgan Chase Alerian MLP Index ETN	COM	46625H365	218,333	9,839	SH		DFND		0	9,839	0
Amazon.com	COM	023135106	444,147	4,300	SH		DFND		0	4,300	0
Amerigo Resources Ltd.	COM	03074G109	168,564	141,650	SH		DFND		141,650	0	0
AerSale Corp.	COM	00810F106	23,086,751	1,340,694	SH		DFND		685,438	655,256	0
Asure Software Inc.	COM	04649U102	47,697,025	3,289,450	SH		DFND		904,830	2,384,620	0
Air Transport Services Group, Inc.	COM	00922R105	20,119,801	965,905	SH		DFND		324,484	641,421	0
Activision Blizzard Inc.	COM	00507V109	1,123,454	13,126	SH		DFND		13,000	126	0
Bank of America Corp.	COM	060505104	672,539	23,515	SH		DFND		17,000	6,515	0
Barrett Business Services	COM	068463108	28,729,420	324,113	SH		DFND		116,430	207,683	0
Berkshire Hathaway Inc. Cl B	COM	084670702	227,255	736	SH		DFND		0	736	0
First Busey Corp.	COM	319383204	15,129,174	743,814	SH		DFND		256,086	487,728	0
CF Industries Holdings Inc.	COM	125269100	437,187	6,031	SH		DFND		5,800	231	0
Charles River Associates	COM	12618T105	8,292,760	76,913	SH		DFND		20,711	56,202	0
CapStar Financial Holdings, Inc.	COM	14070T102	9,549,033	630,299	SH		DFND		195,893	434,406	0
Quest Diagnostics, Inc.	COM	74834L100	495,180	3,500	SH		DFND		3,500	0	0
Dow Jones Indl Average SPDR ETF	COM	78467X109	498,930	1,500	SH		DFND		200	1,300	0
WisdomTree US Mid-Cap Div Fund	COM	97717W505	2,413,489	58,894	SH		DFND		0	58,894	0
Duke Energy Corp.	COM	26441C204	541,620	5,614	SH		DFND		4,000	1,614	0
Eastern Bankshares, Inc.	COM	27627N105	972,636	77,071	SH		DFND		381	76,690	0
ECN Capital Corporation	COM	26829L107	32,822,454	15,780,026	SH		DFND		5,737,100	10,042,926	0
Consolidated Edison Inc.	COM	209115104	224,020	2,342	SH		DFND		0	2,342	0
Everi Holdings, Inc.	COM	30034T103	18,659,114	1,087,995	SH		DFND		340,455	747,540	0
Direxion Financial Bull 3X Shs	COM	25459Y694	536,331	9,300	SH		DFND		9,300	0	0
FirstEnergy Corp.	COM	337932107	420,630	10,500	SH		DFND		10,500	0	0
First Northwest Bancorp	COM	335834107	9,875,107	858,705	SH		DFND		250,590	608,115	0
Fiesta Restaurant Group, Inc.	COM	31660B101	12,943,196	1,574,598	SH		DFND		502,904	1,071,694	0
Alphabet Inc.	COM	02079K305	1,301,812	12,550	SH		DFND		5,000	7,550	0
Home Depot Inc.	COM	437076102	222,587	754	SH		DFND		0	754	0
Harrow Health Inc.	COM	415858109	24,666,656	1,165,721	SH		DFND		537,385	628,336	0
iShares Core MSCI Emerging Markets	COM	46434G103	329,275	6,749	SH		DFND		0	6,749	0
International Flavors & Fragrances Inc.	COM	459506101	2,069,100	22,500	SH		DFND		22,500	0	0
Information Services Group	COM	45675Y104	23,759,220	4,667,823	SH		DFND		1,409,748	3,258,075	0
iShares Core S&P Mid Cap ETF	COM	464287507	1,732,976	6,927	SH		DFND		0	6,927	0
Imax Corporation	COM	45245E109	21,387,580	1,115,098	SH		DFND		299,380	815,718	0
iShares Core S&P 500	COM	464287200	1,545,274	3,759	SH		DFND		0	3,759	0
iShares Russell 2000 Index ETF	COM	464287655	213,545	1,197	SH		DFND		800	397	0
Russell 3000 Index I Shares	COM	464287689	205,278	872	SH		DFND		0	872	0
Jefferies Financial Group Inc.	COM	47233W109	29,808,928	939,160	SH		DFND		332,560	606,600	0
Johnson & Johnson	COM	478160104	731,416	4,719	SH		DFND		3,100	1,619	0
JP Morgan Chase & Co.	COM	46625H100	1,451,277	11,137	SH		DFND		0	11,137	0
Keurig Dr Pepper Inc	COM	49271V100	458,640	13,000	SH		DFND		13,000	0	0
KKR & Co. Inc. Cl A	COM	48251W104	36,375,349	692,600	SH		DFND		197,780	494,820	0
Kroger Co.	COM	501044101	345,590	7,000	SH		DFND		7,000	0	0
Lakeland Industries Inc.	COM	511795106	17,210,437	1,178,797	SH		DFND		397,213	781,584	0
Lantheus Holdings Inc.	COM	516544103	38,967,164	471,986	SH		DFND		166,743	305,243	0
Mastercard Incorporated	COM	57636Q104	527,527	1,452	SH		DFND		0	1,452	0
Medtronic PLC	COM	G5960L103	403,100	5,000	SH		DFND		5,000	0	0
Meta Platforms, Inc.	COM	30303M102	333,382	1,573	SH		DFND		0	1,573	0
McCormick & Company Inc.	COM	579780206	1,622,595	19,500	SH		DFND		19,500	0	0
3M Company	COM	88579Y101	2,036,976	19,379	SH		DFND		17,500	1,879	0
Mosaic Company	COM	61945C103	412,920	9,000	SH		DFND		9,000	0	0
Motorcar Parts of America, Inc.	COM	620071100	13,014,866	1,749,310	SH		DFND		546,070	1,203,240	0
Microsoft Corporation	COM	594918104	1,386,092	4,808	SH		DFND		900	3,908	0
NextEra Energy Inc.	COM	65339F101	624,778	8,106	SH		DFND		0	8,106	0
Newmont Corporation	COM	651639106	1,250,010	25,500	SH		DFND		25,500	0	0
National Fuel Gas Co.	COM	636180101	202,090	3,500	SH		DFND		3,500	0	0
ProShares S&P 500 Dividend Aristocrats	COM	74348A467	3,400,389	37,269	SH		DFND		7,000	30,269	0
Nvidia Corporation	COM	67066G104	202,322	728	SH		DFND		0	728	0
Paramount Global	COM	92556H206	446,200	20,000	SH		DFND		20,000	0	0
Petroleo Brasileiro S.A.	COM	71654V408	104,300	10,000	SH		DFND		10,000	0	0
Pepsico, Inc.	COM	713448108	664,621	3,646	SH		DFND		2,000	1,646	0
Perion Network Ltd.	COM	M78673114	59,849,274	1,512,109	SH		DFND		483,927	1,028,182	0
PetIQ, Inc.	COM	71639T106	297,440	26,000	SH		DFND		26,000	0	0
Pilgrims Pride Corp.	COM	72147K108	509,960	22,000	SH		DFND		22,000	0	0
Phillips 66	COM	718546104	617,270	6,089	SH		DFND		5,400	689	0
WisdomTree CBOE S&P 500 PutWrite Strategy	COM	97717X560	539,516	17,381	SH		DFND		0	17,381	0
PVH Corporation	COM	693656100	214,094	2,401	SH		DFND		0	2,401	0
PowerFleet, Inc.	COM	73931J109	14,917,080	4,349,003	SH		DFND		2,258,294	2,090,709	0
Paypal Holdings Inc.	COM	70450Y103	1,063,160	14,000	SH		DFND		14,000	0	0
Qualcomm, Inc.	COM	747525103	543,485	4,260	SH		DFND		4,000	260	0
QuinStreet, Inc.	COM	74874Q100	60,636,588	3,820,831	SH		DFND		1,238,110	2,582,721	0
Invesco QQQ Trust Series 1	COM	46090E103	545,137	1,699	SH		DFND		0	1,699	0
RealReal Inc.	COM	88339P101	30,240	24,000	SH		DFND		0	24,000	0
Raymond James Financial, Inc.	COM	754730109	6,691,656	71,745	SH		DFND		0	71,745	0
Schwab International Equity ETF	COM	808524805	878,966	25,258	SH		DFND		0	25,258	0
Shell PLC Spon ADS	COM	780259305	345,240	6,000	SH		DFND		6,000	0	0
iShares Silver Trust	COM	46428Q109	630,420	28,500	SH		DFND		28,500	0	0
SmartFinancial Inc.	COM	83190L208	14,202,283	613,755	SH		DFND		186,890	426,865	0
StoneX Group Inc.	COM	861896108	37,735,443	364,488	SH		DFND		117,686	246,802	0
Synovus Financial Corp.	COM	87161C501	12,294,037	398,769	SH		DFND		136,075	262,694	0
Southern Co.	COM	842587107	521,850	7,500	SH		DFND		7,500	0	0
SpartanNash Co.	COM	847215100	372,000	15,000	SH		DFND		15,000	0	0
Standard & Poor's Depositary Receipts	COM	78462F103	2,735,135	6,681	SH		DFND		6,500	181	0
Stoneridge, Inc.	COM	86183P102	9,652,734	516,189	SH		DFND		156,768	359,421	0
Community Financial Corporation	COM	20368X101	3,368,493	101,675	SH		DFND		13,904	87,771	0
Truist Financial Corp.	COM	89832Q109	300,080	8,800	SH		DFND		8,800	0	0
Target Hospitality Corp.	COM	87615L107	70,892,468	5,395,165	SH		DFND		1,597,104	3,798,061	0
Tronox Holdings PLC	COM	G9087Q102	19,169,936	1,333,097	SH		DFND		411,005	922,092	0
Tractor Supply Co.	COM	892356106	258,544	1,100	SH		DFND		1,100	0	0
UnitedHealth Group	COM	91324P102	242,956	514	SH		DFND		0	514	0
Visa Inc.	COM	92826C839	415,156	1,841	SH		DFND		0	1,841	0
Visteon Corp.	COM	92839U206	19,985,055	127,431	SH		DFND		38,094	89,337	0
Vanguard Intermediate Term Corp. Bond ETF	COM	92206C870	484,508	6,040	SH		DFND		0	6,040	0
Vanguard FTSE All World Ex US ETF	COM	922042775	624,060	11,671	SH		DFND		0	11,671	0
Vanguard Dividend Appreciation Indx ETF	COM	921908844	2,748,907	17,849	SH		DFND		6,400	11,449	0
Verint Systems Inc.	COM	92343X100	13,948,168	374,548	SH		DFND		102,450	272,098	0
Vanguard Index Fund ETF	COM	922908769	310,640	1,522	SH		DFND		0	1,522	0
Vitesse Energy Inc	COM	92852X103	2,578,318	135,487	SH		DFND		84,291	51,196	0
Waste Management	COM	94106L109	371,799	2,279	SH		DFND		0	2,279	0
Walmart, Inc.	COM	931142103	273,889	1,858	SH		DFND		0	1,858	0
Western Union Company	COM	959802109	421,470	37,800	SH		DFND		37,800	0	0
Select Sector Spdr Tr Communication	COM	81369Y852	216,402	3,733	SH		DFND		0	3,733	0
Energy Select Sector SPDR	COM	81369Y506	542,422	6,549	SH		DFND		0	6,549	0
Financials Select Sector SPDR	COM	81369Y605	1,413,647	43,970	SH		DFND		30,000	13,970	0
Utilities Select Sector SPDR	COM	81369Y886	3,384,300	49,997	SH		DFND		36,000	13,997	0
Healthcare Select Sector SPDR	COM	81369Y209	593,123	4,582	SH		DFND		0	4,582	0
Zions Bancorporation	COM	989701107	299,300	10,000	SH		DFND		10,000	0	0
Utilities Select Sector SPDR Fund	COM	81369Y886	2,538,375	37,500	SH	Call	DFND		37,500	0	0
Pilgrim's Pride Corporation	COM	72147K108	1,854,400	80,000	SH	Call	DFND		80,000	0	0
Southern Company	COM	842587107	2,087,400	30,000	SH	Call	DFND		30,000	0	0
SPDR Dow Jones Industrial Average ETF Trust	COM	78467X109	66,524	200	SH	Put	DFND		200	0	0
International Flavors & Fragrances Inc.	COM	459506101	1,747,240	19,000	SH	Put	DFND		19,000	0	0
iShares Russell 2000 ETF	COM	464287655	35,680	200	SH	Put	DFND		200	0	0
McCormick & Company, Incorporated	COM	579780206	1,164,940	14,000	SH	Put	DFND		14,000	0	0
3M Company	COM	88579Y101	1,313,875	12,500	SH	Put	DFND		12,500	0	0
Motorcar Parts of America, Inc.	COM	620071100	148,800	20,000	SH	Put	DFND		20,000	0	0
Newmont Corporation	COM	651639106	735,300	15,000	SH	Put	DFND		15,000	0	0
PayPal Holdings, Inc.	COM	70450Y103	759,400	10,000	SH	Put	DFND		10,000	0	0
Southern Company	COM	842587107	2,087,400	30,000	SH	Put	DFND		30,000	0	0
Financial Select Sector SPDR Fund	COM	81369Y605	964,500	30,000	SH	Put	DFND		30,000	0	0
Utilities Select Sector SPDR Fund	COM	81369Y886	4,975,215	73,500	SH	Put	DFND		73,500	0	0
Zions Bancorporation, N.A.	COM	989701107	972,725	32,500	SH	Put	DFND		32,500	0	0