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	569,160	6,079	SH		DFND		5,000	1,079	0
Abbvie Inc.	COM	00287Y109	239,408	1,606	SH		DFND		0	1,606	0
Accenture PLC	COM	G1151C101	347,649	1,132	SH		DFND		0	1,132	0
Activision Blizzard Inc.	COM	00507V109	748,291	7,992	SH		DFND		7,800	192	0
Adobe Systems Inc.	COM	00724F101	259,029	508	SH		DFND		0	508	0
AerSale Corp.	COM	00810F106	21,192,300	1,418,494	SH		DFND		773,118	645,376	0
Air Transport Services Group, Inc.	COM	00922R105	24,606,857	1,179,054	SH		DFND		430,359	748,695	0
Alphabet Inc. Cl A	COM	02079K305	4,196,811	32,071	SH		DFND		2,000	30,071	0
Alphabet Inc. Cl C	COM	02079K107	3,352,023	25,423	SH		DFND		0	25,423	0
Amazon.com	COM	023135106	930,518	7,320	SH		DFND		0	7,320	0
American Electric Power	COM	025537101	643,184	8,551	SH		DFND		8,200	351	0
Apple, Inc.	COM	037833100	2,835,017	16,559	SH		DFND		1,200	15,359	0
Asure Software Inc.	COM	04649U102	33,261,615	3,516,027	SH		DFND		1,271,421	2,244,606	0
Automatic Data Processing Inc.	COM	053015103	589,421	2,450	SH		DFND		2,000	450	0
Bank of America Corp.	COM	060505104	776,081	28,345	SH		DFND		18,500	9,845	0
Barrett Business Services	COM	068463108	31,086,155	344,483	SH		DFND		139,435	205,048	0
Berkshire Hathaway Inc. Cl B	COM	084670702	370,267	1,057	SH		DFND		0	1,057	0
BGC Group Inc	COM	088929104	14,051,400	2,661,250	SH		DFND		829,800	1,831,450	0
Blackrock Inc.	COM	09247X101	216,406	335	SH		DFND		0	335	0
Blackstone Real Estate Income Trust Inc CL	COM	09259K401	1,606,667	107,875	SH		DFND		0	107,875	0
Campbell Soup Co.	COM	134429109	595,660	14,500	SH		DFND		14,500	0	0
CapStar Financial Holdings, Inc.	COM	14070T102	8,808,175	620,731	SH		DFND		195,893	424,838	0
CF Industries Holdings Inc.	COM	125269100	517,328	6,034	SH		DFND		5,800	234	0
Charles River Associates	COM	12618T105	7,208,572	71,542	SH		DFND		20,520	51,022	0
Chevron Corporation	COM	166764100	2,768,212	16,417	SH		DFND		0	16,417	0
Clorox Co.	COM	189054109	747,042	5,700	SH		DFND		4,500	1,200	0
Compass Minerals International, Inc.	COM	20451N101	698,750	25,000	SH		DFND		25,000	0	0
Consolidated Edison Inc.	COM	209115104	200,277	2,342	SH		DFND		0	2,342	0
Costco Wholesale Corporation	COM	22160K105	217,059	384	SH		DFND		0	384	0
Direxion Financial Bull 3X Shs	COM	25459Y694	487,791	8,300	SH		DFND		8,300	0	0
Direxion NASDAQ-100 Equal Weighted ETF	COM	25459Y207	245,327	3,281	SH		DFND		0	3,281	0
Dow Jones Indl Average SPDR ETF	COM	78467X109	401,940	1,200	SH		DFND		200	1,000	0
Duke Energy Corp.	COM	26441C204	931,302	10,552	SH		DFND		7,200	3,352	0
ECN Capital Corporation	COM	26829L107	29,909,979	17,491,216	SH		DFND		6,997,785	10,493,431	0
Energy Select Sector SPDR	COM	81369Y506	1,722,231	19,053	SH		DFND		11,500	7,553	0
Everi Holdings, Inc.	COM	30034T103	22,216,805	1,680,545	SH		DFND		556,450	1,124,095	0
Everquote Inc Com Cl A	COM	30041R108	1,465,275	202,666	SH		DFND		156,967	45,699	0
Exxon Mobil Corp.	COM	30231G102	207,433	1,764	SH		DFND		0	1,764	0
Fidelity National Information Svcs Inc.	COM	31620M106	690,875	12,500	SH		DFND		9,500	3,000	0
Fiesta Restaurant Group, Inc.	COM	31660B101	12,975,415	1,533,737	SH		DFND		519,136	1,014,601	0
Financials Select Sector SPDR	COM	81369Y605	451,095	13,599	SH		DFND		0	13,599	0
First Busey Corp.	COM	319383204	7,894,286	410,733	SH		DFND		107,188	303,545	0
First Northwest Bancorp	COM	335834107	10,466,507	853,016	SH		DFND		260,280	592,736	0
FirstEnergy Corp.	COM	337932107	512,700	15,000	SH		DFND		15,000	0	0
Harrow Inc.	COM	415858109	20,360,853	1,416,900	SH		DFND		715,385	701,515	0
Healthcare Select Sector SPDR	COM	81369Y209	602,862	4,683	SH		DFND		0	4,683	0
Home Depot Inc.	COM	437076102	943,568	3,123	SH		DFND		0	3,123	0
Honeywell International Inc.	COM	438516106	387,239	2,096	SH		DFND		0	2,096	0
Imax Corporation	COM	45245E109	14,848,309	768,546	SH		DFND		266,625	501,921	0
Information Services Group	COM	45675Y104	21,590,876	4,929,424	SH		DFND		1,515,878	3,413,546	0
International Business Machines Corp.	COM	459200101	1,765,678	12,585	SH		DFND		0	12,585	0
International Flavors & Fragrances Inc.	COM	459506101	613,530	9,000	SH		DFND		9,000	0	0
Invesco QQQ Trust Series 1	COM	46090E103	619,888	1,730	SH		DFND		0	1,730	0
Invesco S&P 100 Equal Weight ETF	COM	46137V449	678,436	8,636	SH		DFND		0	8,636	0
iShares Core MSCI Emerging Markets	COM	46434G103	310,331	6,521	SH		DFND		0	6,521	0
iShares Core S&P 500	COM	464287200	1,743,981	4,061	SH		DFND		0	4,061	0
iShares Core S&P Mid Cap ETF	COM	464287507	1,962,870	7,872	SH		DFND		0	7,872	0
iShares Core US Aggregate Bond ETF	COM	464287226	1,131,724	12,034	SH		DFND		0	12,034	0
iShares Russell 2000 Index ETF	COM	464287655	367,089	2,077	SH		DFND		800	1,277	0
iShares Silver Trust	COM	46428Q109	508,500	25,000	SH		DFND		25,000	0	0
Jefferies Financial Group Inc.	COM	47233W109	34,466,250	940,930	SH		DFND		370,350	570,580	0
Johnson & Johnson	COM	478160104	362,645	2,328	SH		DFND		0	2,328	0
JP Morgan Chase & Co.	COM	46625H100	16,850,033	116,191	SH		DFND		0	116,191	0
JP Morgan Chase Alerian MLP Index ETN	COM	46625H365	219,772	8,898	SH		DFND		0	8,898	0
Kenvue Inc	COM	49177J102	441,760	22,000	SH		DFND		22,000	0	0
Keurig Dr Pepper Inc	COM	49271V100	647,185	20,500	SH		DFND		20,500	0	0
KKR & Co. Inc. Cl A	COM	48251W104	40,666,261	660,167	SH		DFND		212,840	447,327	0
Kroger Co.	COM	501044101	292,450	6,535	SH		DFND		6,500	35	0
Lakeland Industries Inc.	COM	511795106	18,657,956	1,238,086	SH		DFND		483,629	754,457	0
Lantheus Holdings Inc.	COM	516544103	30,257,220	435,481	SH		DFND		158,293	277,188	0
Lockheed Martin Corp.	COM	539830109	400,417	979	SH		DFND		0	979	0
Mastercard Incorporated	COM	57636Q104	1,358,199	3,431	SH		DFND		0	3,431	0
McCormick & Company Inc.	COM	579780206	529,480	7,000	SH		DFND		7,000	0	0
Meta Platforms, Inc.	COM	30303M102	665,265	2,216	SH		DFND		0	2,216	0
Microsoft Corp	COM	594918104	2,340,341	7,412	SH		DFND		1,900	5,512	0
Mosaic Company	COM	61945C103	534,000	15,000	SH		DFND		15,000	0	0
Motorcar Parts of America, Inc.	COM	620071100	19,612,166	2,424,248	SH		DFND		1,021,152	1,403,096	0
National Fuel Gas Co.	COM	636180101	519,100	10,000	SH		DFND		10,000	0	0
New York Community Bancorp Inc.	COM	649445103	172,909	15,248	SH		DFND		0	15,248	0
NextEra Energy Inc.	COM	65339F101	474,395	8,281	SH		DFND		0	8,281	0
Nvidia Corporation	COM	67066G104	402,561	925	SH		DFND		0	925	0
Palantir Technologies Inc.	COM	69608A108	948,332	59,271	SH		DFND		0	59,271	0
Paypal Holdings Inc.	COM	70450Y103	1,905,796	32,600	SH		DFND		32,600	0	0
Peabody Energy Corp	COM	704551100	727,720	28,000	SH		DFND		28,000	0	0
Pepsico, Inc.	COM	713448108	618,922	3,653	SH		DFND		2,000	1,653	0
Perion Network Ltd.	COM	M78673114	43,983,822	1,435,972	SH		DFND		521,470	914,502	0
PetIQ, Inc.	COM	71639T106	374,300	19,000	SH		DFND		19,000	0	0
Pfizer, Inc.	COM	717081103	1,530,549	46,143	SH		DFND		45,500	643	0
Phillips 66	COM	718546104	925,561	7,703	SH		DFND		6,900	803	0
Pilgrims Pride Corp.	COM	72147K108	388,110	17,000	SH		DFND		17,000	0	0
PowerFleet, Inc.	COM	73931J109	10,823,397	5,228,694	SH		DFND		2,735,812	2,492,882	0
Procter & Gamble Co.	COM	742718109	212,362	1,456	SH		DFND		0	1,456	0
ProShares S&P 500 Dividend Aristocrats	COM	74348A467	4,163,168	47,015	SH		DFND		7,000	40,015	0
Qualcomm, Inc.	COM	747525103	589,168	5,305	SH		DFND		5,000	305	0
Quest Diagnostics, Inc.	COM	74834L100	633,672	5,200	SH		DFND		4,000	1,200	0
QuinStreet, Inc.	COM	74874Q100	39,836,344	4,441,064	SH		DFND		1,649,953	2,791,111	0
Range Resources	COM	75281A109	599,585	18,500	SH		DFND		18,500	0	0
Raymond James Financial, Inc.	COM	754730109	6,759,742	67,308	SH		DFND		0	67,308	0
RealReal Inc.	COM	88339P101	50,640	24,000	SH		DFND		24,000	0	0
Russell 3000 Index I Shares	COM	464287689	213,692	872	SH		DFND		0	872	0
Schwab International Equity ETF	COM	808524805	1,305,646	38,447	SH		DFND		0	38,447	0
Schwab Strategic Tr Emerging Mkts Eqty ETF	COM	808524706	205,557	8,586	SH		DFND		0	8,586	0
Shell PLC Spon ADS	COM	780259305	580,980	9,024	SH		DFND		9,000	24	0
Shore Bancshares Inc	COM	825107105	2,639,899	250,941	SH		DFND		56,090	194,851	0
SmartFinancial Inc.	COM	83190L208	12,678,814	593,300	SH		DFND		188,770	404,530	0
Southern Co.	COM	842587107	490,695	7,582	SH		DFND		7,500	82	0
Standard & Poor's Depositary Receipts	COM	78462F103	3,949,060	9,238	SH		DFND		6,500	2,738	0
Stoneridge, Inc.	COM	86183P102	10,280,456	512,230	SH		DFND		156,768	355,462	0
StoneX Group Inc.	COM	861896108	35,688,173	368,223	SH		DFND		133,071	235,152	0
Synovus Financial Corp.	COM	87161C501	11,753,690	422,795	SH		DFND		139,495	283,300	0
Target Hospitality Corp.	COM	87615L107	83,219,378	5,240,515	SH		DFND		1,743,824	3,496,691	0
Technology Sector SPDR	COM	81369Y803	213,109	1,300	SH		DFND		0	1,300	0
Thermo Fisher Scientific Inc.	COM	883556102	706,613	1,396	SH		DFND		0	1,396	0
Total Energies SE	COM	89151E109	596,049	9,064	SH		DFND		9,000	64	0
Tractor Supply Co.	COM	892356106	609,150	3,000	SH		DFND		2,200	800	0
Tronox Holdings PLC	COM	G9087Q102	18,649,252	1,387,593	SH		DFND		533,885	853,708	0
UnitedHealth Group	COM	91324P102	311,057	617	SH		DFND		0	617	0
Utilities Select Sector SPDR	COM	81369Y886	1,394,920	23,671	SH		DFND		7,600	16,071	0
Vanguard Dividend Appreciation Indx ETF	COM	921908844	3,627,792	23,348	SH		DFND		5,400	17,948	0
Vanguard FTSE All World Ex US ETF	COM	922042775	550,995	10,623	SH		DFND		0	10,623	0
Vanguard High Dividend Yield Index Fd ETF	COM	921946406	269,665	2,610	SH		DFND		0	2,610	0
Vanguard Index Fund ETF	COM	922908769	315,641	1,486	SH		DFND		0	1,486	0
Vanguard Intermediate Term Corp. Bond ETF	COM	92206C870	464,056	6,108	SH		DFND		0	6,108	0
Vanguard S&P 500 Indx Fd ETF	COM	922908363	380,919	970	SH		DFND		0	970	0
Verint Systems Inc.	COM	92343X100	7,011,283	304,971	SH		DFND		82,823	222,148	0
Visa Inc.	COM	92826C839	544,779	2,369	SH		DFND		0	2,369	0
Visteon Corp.	COM	92839U206	17,497,104	126,726	SH		DFND		38,094	88,632	0
Walmart, Inc.	COM	931142103	330,907	2,069	SH		DFND		0	2,069	0
Waste Management	COM	94106L109	351,160	2,304	SH		DFND		0	2,304	0
WisdomTree CBOE S&P 500 PutWrite Strategy	COM	97717X560	940,268	30,608	SH		DFND		0	30,608	0
WisdomTree US Mid-Cap Div Fund	COM	97717W505	3,147,448	76,842	SH		DFND		0	76,842	0
Zebra Technologies	COM	989207105	408,014	1,725	SH		DFND		0	1,725	0
3M Company	COM	88579Y101	3,744,800	40,000	SH	Call	DFND		40,000	0	0
Amazon.com, Inc.	COM	023135106	3,178,000	25,000	SH	Call	DFND		25,000	0	0
Pfizer Inc.	COM	717081103	3,317,000	100,000	SH	Call	DFND		100,000	0	0
Target Hospitality Corp.	COM	87615L107	635,200	40,000	SH	Call	DFND		40,000	0	0
3M Company	COM	88579Y101	3,744,800	40,000	SH	Put	DFND		40,000	0	0
iShares Russell 2000 ETF	COM	464287655	35,348	200	SH	Put	DFND		200	0	0
SPDR Dow Jones Industrial Average ETF Trust	COM	78467X109	66,990	200	SH	Put	DFND		200	0	0
PayPal Holdings, Inc.	COM	70450Y103	1,362,118	23,300	SH	Put	DFND		23,300	0	0
Pfizer Inc.	COM	717081103	1,078,025	32,500	SH	Put	DFND		32,500	0	0