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	688,566	6,879	SH		DFND		4,000	2,879	0
Abbvie Inc.	COM	00287Y109	216,372	1,606	SH		DFND		0	1,606	0
Accenture PLC	COM	G1151C101	534,461	1,732	SH		DFND		600	1,132	0
Activision Blizzard Inc.	COM	00507V109	1,112,086	13,192	SH		DFND		13,000	192	0
Adobe Systems Inc.	COM	00724F101	248,407	508	SH		DFND		0	508	0
AerSale Corp.	COM	00810F106	20,200,270	1,374,168	SH		DFND		691,058	683,110	0
Air Transport Services Group, Inc.	COM	00922R105	22,491,021	1,191,893	SH		DFND		430,359	761,534	0
Alphabet Inc. Cl A	COM	02079K305	3,872,415	32,351	SH		DFND		2,000	30,351	0
Alphabet Inc. Cl C	COM	02079K107	3,075,420	25,423	SH		DFND		0	25,423	0
Amazon.com	COM	023135106	1,032,190	7,918	SH		DFND		0	7,918	0
American Electric Power	COM	025537101	633,252	7,521	SH		DFND		7,000	521	0
Amerigo Resources Ltd.	COM	03074G109	163,606	141,650	SH		DFND		141,650	0	0
Apple, Inc.	COM	037833100	3,222,955	16,616	SH		DFND		1,200	15,416	0
Asure Software Inc.	COM	04649U102	38,618,336	3,175,850	SH		DFND		931,876	2,243,974	0
Automatic Data Processing Inc.	COM	053015103	538,486	2,450	SH		DFND		2,000	450	0
Bank of America Corp.	COM	060505104	908,198	31,656	SH		DFND		18,500	13,156	0
Barrett Business Services	COM	068463108	30,316,484	347,666	SH		DFND		126,240	221,426	0
Berkshire Hathaway Inc. Cl B	COM	084670702	360,437	1,057	SH		DFND		0	1,057	0
Blackrock Inc.	COM	09247X101	231,352	335	SH		DFND		0	335	0
Blackstone Real Estate Income Trust Inc CL	COM	09259K401	1,568,580	107,537	SH		DFND		0	107,537	0
CapStar Financial Holdings, Inc.	COM	14070T102	7,777,182	633,837	SH		DFND		195,893	437,944	0
CF Industries Holdings Inc.	COM	125269100	418,773	6,032	SH		DFND		5,800	232	0
Charles River Associates	COM	12618T105	7,821,156	76,678	SH		DFND		20,711	55,967	0
Chevron Corporation	COM	166764100	2,586,002	16,435	SH		DFND		0	16,435	0
Churchill Downs Inc.	COM	171484108	279,175	2,006	SH		DFND		0	2,006	0
Community Financial Corporation	COM	20368X101	2,748,281	101,450	SH		DFND		13,904	87,546	0
Compass Minerals International, Inc.	COM	20451N101	217,600	6,400	SH		DFND		6,400	0	0
Consolidated Edison Inc.	COM	209115104	211,680	2,342	SH		DFND		0	2,342	0
Costco Wholesale Corporation	COM	22160K105	206,645	384	SH		DFND		0	384	0
Direxion Financial Bull 3X Shs	COM	25459Y694	527,714	8,300	SH		DFND		8,300	0	0
Dow Jones Indl Average SPDR ETF	COM	78467X109	515,775	1,500	SH		DFND		200	1,300	0
Duke Energy Corp.	COM	26441C204	794,360	8,852	SH		DFND		7,200	1,652	0
Eastern Bankshares, Inc.	COM	27627N105	878,974	71,636	SH		DFND		381	71,255	0
ECN Capital Corporation	COM	26829L107	32,173,516	15,852,146	SH		DFND		5,745,835	10,106,311	0
Energy Select Sector SPDR	COM	81369Y506	1,457,815	17,960	SH		DFND		11,500	6,460	0
Everi Holdings, Inc.	COM	30034T103	17,533,574	1,212,557	SH		DFND		405,510	807,047	0
Fiesta Restaurant Group, Inc.	COM	31660B101	13,049,676	1,643,536	SH		DFND		519,136	1,124,400	0
Financials Select Sector SPDR	COM	81369Y605	467,375	13,865	SH		DFND		0	13,865	0
First Busey Corp.	COM	319383204	15,662,762	779,242	SH		DFND		278,146	501,096	0
First Northwest Bancorp	COM	335834107	9,925,352	872,175	SH		DFND		260,280	611,895	0
FirstEnergy Corp.	COM	337932107	583,200	15,000	SH		DFND		15,000	0	0
Harrow Health Inc.	COM	415858109	21,940,668	1,152,346	SH		DFND		537,385	614,961	0
Healthcare Select Sector SPDR	COM	81369Y209	620,612	4,676	SH		DFND		0	4,676	0
Home Depot Inc.	COM	437076102	975,919	3,142	SH		DFND		0	3,142	0
Honeywell International Inc.	COM	438516106	441,172	2,126	SH		DFND		0	2,126	0
Imax Corporation	COM	45245E109	17,257,321	1,015,734	SH		DFND		288,125	727,609	0
Information Services Group	COM	45675Y104	26,575,544	4,958,124	SH		DFND		1,484,088	3,474,036	0
International Business Machines Corp.	COM	459200101	1,684,001	12,585	SH		DFND		0	12,585	0
International Flavors & Fragrances Inc.	COM	459506101	716,310	9,000	SH		DFND		9,000	0	0
Invesco QQQ Trust Series 1	COM	46090E103	676,082	1,830	SH		DFND		0	1,830	0
Invesco S&P 100 Equal Weight ETF	COM	46137V449	529,231	6,497	SH		DFND		0	6,497	0
iShares Core MSCI Emerging Markets	COM	46434G103	346,484	7,029	SH		DFND		0	7,029	0
iShares Core S&P 500	COM	464287200	1,804,303	4,048	SH		DFND		0	4,048	0
iShares Core S&P Mid Cap ETF	COM	464287507	2,111,699	8,076	SH		DFND		0	8,076	0
iShares Core US Aggregate Bond ETF	COM	464287226	987,984	10,087	SH		DFND		0	10,087	0
iShares Russell 2000 Index ETF	COM	464287655	388,960	2,077	SH		DFND		832	1,245	0
iShares Silver Trust	COM	46428Q109	522,250	25,000	SH		DFND		25,000	0	0
Jefferies Financial Group Inc.	COM	47233W109	31,596,401	952,560	SH		DFND		339,800	612,760	0
Johnson & Johnson	COM	478160104	388,210	2,345	SH		DFND		0	2,345	0
JP Morgan Chase & Co.	COM	46625H100	17,558,298	120,725	SH		DFND		0	120,725	0
JP Morgan Chase Alerian MLP Index ETN	COM	46625H365	203,845	8,898	SH		DFND		0	8,898	0
Keurig Dr Pepper Inc	COM	49271V100	641,035	20,500	SH		DFND		20,500	0	0
KKR & Co. Inc. Cl A	COM	48251W104	37,849,928	675,892	SH		DFND		196,540	479,352	0
Kroger Co.	COM	501044101	471,654	10,035	SH		DFND		10,000	35	0
Lakeland Industries Inc.	COM	511795106	18,015,877	1,251,972	SH		DFND		421,642	830,330	0
Lantheus Holdings Inc.	COM	516544103	34,332,763	409,113	SH		DFND		129,438	279,675	0
LKQ Corp	COM	501889208	235,331	4,039	SH		DFND		0	4,039	0
Lockheed Martin Corp.	COM	539830109	450,707	979	SH		DFND		0	979	0
Mastercard Incorporated	COM	57636Q104	1,349,148	3,430	SH		DFND		0	3,430	0
McCormick & Company Inc.	COM	579780206	479,765	5,500	SH		DFND		5,500	0	0
Meta Platforms, Inc.	COM	30303M102	635,948	2,216	SH		DFND		0	2,216	0
Microsoft Corporation	COM	594918104	2,244,876	6,592	SH		DFND		900	5,692	0
Mosaic Company	COM	61945C103	525,000	15,000	SH		DFND		15,000	0	0
Motorcar Parts of America, Inc.	COM	620071100	19,039,262	2,459,853	SH		DFND		857,238	1,602,615	0
National Fuel Gas Co.	COM	636180101	308,160	6,000	SH		DFND		6,000	0	0
New York Community Bancorp Inc.	COM	649445103	171,384	15,248	SH		DFND		0	15,248	0
Newmont Corporation	COM	651639106	1,089,110	25,530	SH		DFND		25,500	30	0
NextEra Energy Inc.	COM	65339F101	614,419	8,281	SH		DFND		0	8,281	0
Nvidia Corporation	COM	67066G104	400,352	946	SH		DFND		0	946	0
Palantir Technologies Inc.	COM	69608A108	873,810	57,000	SH		DFND		0	57,000	0
Paramount Global	COM	92556H206	318,200	20,000	SH		DFND		20,000	0	0
Paypal Holdings Inc.	COM	70450Y103	492,935	7,387	SH		DFND		7,300	87	0
Peabody Energy Corp	COM	704551100	433,200	20,000	SH		DFND		20,000	0	0
Pepsico, Inc.	COM	713448108	676,563	3,653	SH		DFND		2,000	1,653	0
Perion Network Ltd.	COM	M78673114	45,035,031	1,468,374	SH		DFND		467,020	1,001,354	0
PetIQ, Inc.	COM	71639T106	394,420	26,000	SH		DFND		26,000	0	0
Pfizer, Inc.	COM	717081103	243,649	6,643	SH		DFND		6,000	643	0
Phillips 66	COM	718546104	738,081	7,738	SH		DFND		6,900	838	0
Pilgrims Pride Corp.	COM	72147K108	1,439,830	67,000	SH		DFND		67,000	0	0
PowerFleet, Inc.	COM	73931J109	15,161,040	5,053,680	SH		DFND		2,609,765	2,443,915	0
Procter & Gamble Co.	COM	742718109	220,923	1,456	SH		DFND		0	1,456	0
ProShares S&P 500 Dividend Aristocrats	COM	74348A467	4,196,509	44,511	SH		DFND		7,000	37,511	0
PVH Corporation	COM	693656100	204,125	2,402	SH		DFND		0	2,402	0
Qualcomm, Inc.	COM	747525103	640,429	5,380	SH		DFND		5,000	380	0
Quest Diagnostics, Inc.	COM	74834L100	351,400	2,500	SH		DFND		2,500	0	0
QuinStreet, Inc.	COM	74874Q100	39,737,358	4,500,267	SH		DFND		1,514,953	2,985,314	0
Range Resources	COM	75281A109	543,900	18,500	SH		DFND		18,500	0	0
Raymond James Financial, Inc.	COM	754730109	7,417,998	71,485	SH		DFND		0	71,485	0
RealReal Inc.	COM	88339P101	53,280	24,000	SH		DFND		24,000	0	0
Russell 3000 Index I Shares	COM	464287689	221,907	872	SH		DFND		0	872	0
Schwab International Equity ETF	COM	808524805	1,278,309	35,857	SH		DFND		0	35,857	0
Scotts Miracle Gro	COM	810186106	532,865	8,500	SH		DFND		8,500	0	0
Select Sector Spdr Tr Communication	COM	81369Y852	242,944	3,733	SH		DFND		0	3,733	0
Shell PLC Spon ADS	COM	780259305	544,883	9,024	SH		DFND		9,000	24	0
SmartFinancial Inc.	COM	83190L208	13,052,369	606,805	SH		DFND		186,890	419,915	0
Southern Co.	COM	842587107	532,623	7,582	SH		DFND		7,500	82	0
Standard & Poor's Depositary Receipts	COM	78462F103	3,970,902	8,958	SH		DFND		6,500	2,458	0
Stoneridge, Inc.	COM	86183P102	9,864,601	523,321	SH		DFND		156,768	366,553	0
StoneX Group Inc.	COM	861896108	31,191,306	375,437	SH		DFND		122,846	252,591	0
Synovus Financial Corp.	COM	87161C501	14,220,876	470,112	SH		DFND		159,995	310,117	0
Target Hospitality Corp.	COM	87615L107	72,047,001	5,368,629	SH		DFND		1,597,104	3,771,525	0
Technology Sector SPDR	COM	81369Y803	226,018	1,300	SH		DFND		0	1,300	0
Thermo Fisher Scientific Inc.	COM	883556102	728,363	1,396	SH		DFND		0	1,396	0
Total Energies SE	COM	89151E109	522,449	9,064	SH		DFND		9,000	64	0
Tractor Supply Co.	COM	892356106	486,420	2,200	SH		DFND		2,200	0	0
Tronox Holdings PLC	COM	G9087Q102	17,932,960	1,410,933	SH		DFND		462,185	948,748	0
Tyson Foods Inc-CL A	COM	902494103	2,516,272	49,300	SH		DFND		49,300	0	0
UnitedHealth Group	COM	91324P102	299,450	623	SH		DFND		0	623	0
Utilities Select Sector SPDR	COM	81369Y886	1,058,829	16,180	SH		DFND		0	16,180	0
Vanguard Dividend Appreciation Indx ETF	COM	921908844	3,907,885	24,059	SH		DFND		5,400	18,659	0
Vanguard FTSE All World Ex US ETF	COM	922042775	615,739	11,317	SH		DFND		0	11,317	0
Vanguard Index Fund ETF	COM	922908769	327,336	1,486	SH		DFND		0	1,486	0
Vanguard Intermediate Term Corp. Bond ETF	COM	92206C870	479,112	6,062	SH		DFND		0	6,062	0
Vanguard S&P 500 Indx Fd ETF	COM	922908363	395,062	970	SH		DFND		0	970	0
Verint Systems Inc.	COM	92343X100	13,227,542	377,283	SH		DFND		102,450	274,833	0
Visa Inc.	COM	92826C839	567,422	2,389	SH		DFND		0	2,389	0
Visteon Corp.	COM	92839U206	18,664,895	129,969	SH		DFND		38,094	91,875	0
Walmart, Inc.	COM	931142103	327,226	2,082	SH		DFND		0	2,082	0
Walt Disney Co.	COM	254687106	227,843	2,552	SH		DFND		0	2,552	0
Waste Management	COM	94106L109	399,490	2,304	SH		DFND		0	2,304	0
WisdomTree CBOE S&P 500 PutWrite Strategy	COM	97717X560	857,080	26,450	SH		DFND		0	26,450	0
WisdomTree US Mid-Cap Div Fund	COM	97717W505	3,083,511	73,330	SH		DFND		0	73,330	0
Zebra Technologies	COM	989207105	510,307	1,725	SH		DFND		0	1,725	0
Keurig Dr Pepper Inc.	COM	49271V100	1,744,866	55,800	SH	Call	DFND		55,800	0	0
QuinStreet, Inc.	COM	74874Q100	971,300	110,000	SH	Call	DFND		110,000	0	0
Newmont Corporation	COM	651639106	639,900	15,000	SH	Put	DFND		15,000	0	0
Whirlpool Corporation	COM	963320106	4,463,700	30,000	SH	Put	DFND		30,000	0	0
Pilgrim's Pride Corporation	COM	72147K108	1,074,500	50,000	SH	Put	DFND		50,000	0	0
Tyson Foods, Inc. Class A	COM	902494103	2,107,952	41,300	SH	Put	DFND		41,300	0	0
iShares Russell 2000 ETF	COM	464287655	37,454	200	SH	Put	DFND		200	0	0
SPDR Dow Jones Industrial Average ETF Trust	COM	78467X109	68,770	200	SH	Put	DFND		200	0	0
Financial Select Sector SPDR Fund	COM	81369Y605	4,045,200	120,000	SH	Put	DFND		120,000	0	0