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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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
Abbvie Inc.	COM	00287Y109	277,904	1,793	SH		DFND		0	1,793	0
Accenture PLC	COM	G1151C101	397,230	1,132	SH		DFND		0	1,132	0
Adobe Systems Inc.	COM	00724F101	303,073	508	SH		DFND		0	508	0
AerSale Corp.	COM	00810F106	18,424,749	1,451,339	SH		DFND		794,858	656,481	0
Alphabet Inc. Cl A	COM	02079K305	4,759,378	34,071	SH		DFND		4,000	30,071	0
Alphabet Inc. Cl C	COM	02079K107	3,582,863	25,423	SH		DFND		0	25,423	0
Amazon.com	COM	023135106	1,127,395	7,420	SH		DFND		0	7,420	0
American Electric Power	COM	025537101	694,431	8,550	SH		DFND		8,200	350	0
Apple, Inc.	COM	037833100	3,167,034	16,450	SH		DFND		1,200	15,250	0
Asure Software Inc.	COM	04649U102	37,356,737	3,924,027	SH		DFND		1,466,940	2,457,087	0
Automatic Data Processing Inc.	COM	053015103	365,530	1,569	SH		DFND		1,000	569	0
Bank of America Corp.	COM	060505104	331,510	9,846	SH		DFND		0	9,846	0
Barrett Business Services	COM	068463108	40,073,528	346,058	SH		DFND		140,015	206,043	0
Berkshire Hathaway Inc. Cl B	COM	084670702	376,990	1,057	SH		DFND		0	1,057	0
BGC Group Inc	COM	088929104	20,082,250	2,781,475	SH		DFND		839,305	1,942,170	0
Blackrock Inc.	COM	09247X101	271,742	335	SH		DFND		0	335	0
Blackstone Real Estate Income Trust Inc CL	COM	09259K401	1,551,180	108,262	SH		DFND		0	108,262	0
Broadcom Inc.	COM	11135F101	219,531	197	SH		DFND		0	197	0
Campbell Soup Co.	COM	134429109	626,835	14,500	SH		DFND		14,500	0	0
CapStar Financial Holdings, Inc.	COM	14070T102	11,320,013	604,056	SH		DFND		193,393	410,663	0
CF Industries Holdings Inc.	COM	125269100	479,776	6,035	SH		DFND		5,800	235	0
Chevron Corporation	COM	166764100	2,684,735	17,999	SH		DFND		0	17,999	0
Clorox Co.	COM	189054109	1,800,769	12,629	SH		DFND		10,500	2,129	0
Consolidated Edison Inc.	COM	209115104	241,398	2,654	SH		DFND		0	2,654	0
Costco Wholesale Corporation	COM	22160K105	241,940	367	SH		DFND		0	367	0
CRA International	COM	12618T105	4,926,783	49,841	SH		DFND		9,407	40,434	0
Direxion Financial Bull 3X Shs	COM	25459Y694	826,500	10,000	SH		DFND		10,000	0	0
Direxion NASDAQ-100 Equal Weighted ETF	COM	25459Y207	301,423	3,561	SH		DFND		0	3,561	0
Dow Jones Indl Average SPDR ETF	COM	78467X109	452,244	1,200	SH		DFND		200	1,000	0
Duke Energy Corp.	COM	26441C204	1,023,946	10,552	SH		DFND		7,200	3,352	0
ECN Capital Corporation	COM	26829L107	43,133,082	18,857,641	SH		DFND		8,122,115	10,735,526	0
Energy Select Sector SPDR	COM	81369Y506	1,602,134	19,109	SH		DFND		11,500	7,609	0
Everi Holdings, Inc.	COM	30034T103	26,250,546	2,329,241	SH		DFND		677,835	1,651,406	0
Everquote Inc Com Cl A	COM	30041R108	2,480,632	202,666	SH		DFND		156,967	45,699	0
Exxon Mobil Corp.	COM	30231G102	222,974	2,230	SH		DFND		0	2,230	0
Fidelity National Information Svcs Inc.	COM	31620M106	570,665	9,500	SH		DFND		9,500	0	0
Financials Select Sector SPDR	COM	81369Y605	513,457	13,656	SH		DFND		0	13,656	0
First Busey Corp.	COM	319383204	10,145,619	408,768	SH		DFND		107,188	301,580	0
First Northwest Bancorp	COM	335834107	12,686,663	795,901	SH		DFND		237,891	558,010	0
FirstEnergy Corp.	COM	337932107	549,900	15,000	SH		DFND		15,000	0	0
Harrow Inc.	COM	415858109	31,298,366	2,794,497	SH		DFND		1,247,781	1,546,716	0
Healthcare Select Sector SPDR	COM	81369Y209	629,679	4,617	SH		DFND		0	4,617	0
Home Depot Inc.	COM	437076102	1,082,521	3,124	SH		DFND		0	3,124	0
Honeywell International Inc.	COM	438516106	439,579	2,096	SH		DFND		0	2,096	0
IBEX LTD	COM	G4690M101	920,008	48,396	SH		DFND		12,987	35,409	0
Imax Corporation	COM	45245E109	17,809,439	1,185,715	SH		DFND		419,065	766,650	0
Information Services Group	COM	45675Y104	23,603,293	5,011,315	SH		DFND		1,543,818	3,467,497	0
International Business Machines Corp.	COM	459200101	2,091,971	12,791	SH		DFND		0	12,791	0
Invesco QQQ Trust Series 1	COM	46090E103	854,059	2,086	SH		DFND		125	1,961	0
Invesco S&P 100 Equal Weight ETF	COM	46137V449	783,484	8,948	SH		DFND		0	8,948	0
iShares Core MSCI Emerging Markets	COM	46434G103	334,127	6,606	SH		DFND		0	6,606	0
iShares Core MSCI Total Int'l Stock ETF	COM	46432F834	261,757	4,031	SH		DFND		0	4,031	0
iShares Core S&P 500	COM	464287200	1,916,933	4,013	SH		DFND		0	4,013	0
iShares Core S&P Mid Cap ETF	COM	464287507	2,236,063	8,068	SH		DFND		0	8,068	0
iShares Core S&P Small Cap ETF	COM	464287804	242,903	2,244	SH		DFND		0	2,244	0
iShares Core US Aggregate Bond ETF	COM	464287226	1,227,417	12,367	SH		DFND		0	12,367	0
iShares Russell 2000 Index ETF	COM	464287655	416,875	2,077	SH		DFND		800	1,277	0
iShares Silver Trust	COM	46428Q109	653,400	30,000	SH		DFND		30,000	0	0
Jefferies Financial Group Inc.	COM	47233W109	38,184,402	944,925	SH		DFND		376,890	568,035	0
Johnson & Johnson	COM	478160104	397,412	2,535	SH		DFND		0	2,535	0
JP Morgan Chase & Co.	COM	46625H100	20,340,971	119,582	SH		DFND		3,600	115,982	0
JP Morgan Chase Alerian MLP Index ETN	COM	46625H365	210,327	8,294	SH		DFND		0	8,294	0
Keurig Dr Pepper Inc	COM	49271V100	683,060	20,500	SH		DFND		20,500	0	0
KKR & Co. Inc. Cl A	COM	48251W104	50,265,639	606,707	SH		DFND		195,080	411,627	0
Kroger Co.	COM	501044101	298,724	6,535	SH		DFND		6,500	35	0
Lakeland Industries Inc.	COM	511795106	22,796,432	1,229,581	SH		DFND		471,407	758,174	0
Lantheus Holdings Inc.	COM	516544103	34,519,802	556,771	SH		DFND		204,343	352,428	0
Lockheed Martin Corp.	COM	539830109	443,828	979	SH		DFND		0	979	0
Mastercard Incorporated	COM	57636Q104	1,463,283	3,431	SH		DFND		0	3,431	0
McCormick & Company Inc.	COM	579780206	304,058	4,444	SH		DFND		4,000	444	0
Meta Platforms, Inc.	COM	30303M102	788,623	2,228	SH		DFND		0	2,228	0
Microsoft Corp	COM	594918104	2,802,168	7,452	SH		DFND		1,900	5,552	0
Mosaic Company	COM	61945C103	535,950	15,000	SH		DFND		15,000	0	0
Motorcar Parts of America, Inc.	COM	620071100	24,898,152	2,665,755	SH		DFND		1,222,933	1,442,822	0
National Fuel Gas Co.	COM	636180101	988,349	19,700	SH		DFND		15,000	4,700	0
New York Community Bancorp Inc.	COM	649445103	155,984	15,248	SH		DFND		0	15,248	0
NextEra Energy Inc.	COM	65339F101	533,090	8,777	SH		DFND		0	8,777	0
Northern Trust Corporation	COM	665859104	204,721	2,426	SH		DFND		0	2,426	0
Nvidia Corporation	COM	67066G104	388,981	785	SH		DFND		0	785	0
Palantir Technologies Inc.	COM	69608A108	1,017,679	59,271	SH		DFND		0	59,271	0
Paypal Holdings Inc.	COM	70450Y103	2,001,966	32,600	SH		DFND		32,600	0	0
Peabody Energy Corp	COM	704551100	680,960	28,000	SH		DFND		28,000	0	0
Pepsico, Inc.	COM	713448108	853,914	5,028	SH		DFND		3,200	1,828	0
Perion Network Ltd.	COM	M78673114	45,842,166	1,485,007	SH		DFND		563,440	921,567	0
Pfizer, Inc.	COM	717081103	1,098,124	38,143	SH		DFND		37,500	643	0
Phillips 66	COM	718546104	1,021,183	7,670	SH		DFND		6,900	770	0
Pilgrims Pride Corp.	COM	72147K108	470,220	17,000	SH		DFND		17,000	0	0
PowerFleet, Inc.	COM	73931J109	19,761,406	5,778,189	SH		DFND		2,845,587	2,932,602	0
Procter & Gamble Co.	COM	742718109	240,901	1,644	SH		DFND		0	1,644	0
ProShares S&P 500 Dividend Aristocrats	COM	74348A467	4,426,340	46,495	SH		DFND		7,000	39,495	0
Qualcomm, Inc.	COM	747525103	767,255	5,305	SH		DFND		5,000	305	0
Quest Diagnostics, Inc.	COM	74834L100	854,856	6,200	SH		DFND		4,000	2,200	0
QuinStreet, Inc.	COM	74874Q100	57,730,498	4,503,159	SH		DFND		1,696,533	2,806,626	0
Range Resources	COM	75281A109	563,140	18,500	SH		DFND		18,500	0	0
Raymond James Financial, Inc.	COM	754730109	7,405,719	66,419	SH		DFND		0	66,419	0
RealReal Inc.	COM	88339P101	48,240	24,000	SH		DFND		24,000	0	0
Russell 3000 Index I Shares	COM	464287689	238,701	872	SH		DFND		0	872	0
Schwab International Equity ETF	COM	808524805	1,435,099	38,828	SH		DFND		0	38,828	0
Schwab Strategic Tr Emerging Mkts Eqty ETF	COM	808524706	214,893	8,669	SH		DFND		0	8,669	0
Shell PLC Spon ADS	COM	780259305	593,794	9,024	SH		DFND		9,000	24	0
Shore Bancshares Inc	COM	825107105	3,544,574	248,742	SH		DFND		56,090	192,652	0
SmartFinancial Inc.	COM	83190L208	14,282,560	583,200	SH		DFND		182,470	400,730	0
Southern Co.	COM	842587107	2,494,997	35,582	SH		DFND		35,500	82	0
Standard & Poor's Depositary Receipts	COM	78462F103	4,502,136	9,472	SH		DFND		6,500	2,972	0
Stoneridge, Inc.	COM	86183P102	5,540,424	283,108	SH		DFND		90,469	192,639	0
StoneX Group Inc.	COM	861896108	41,017,881	555,572	SH		DFND		201,787	353,785	0
Synovus Financial Corp.	COM	87161C501	12,955,388	344,101	SH		DFND		60,826	283,275	0
Target Hospitality Corp.	COM	87615L107	54,269,707	5,577,565	SH		DFND		1,946,344	3,631,221	0
Technology Sector SPDR	COM	81369Y803	250,224	1,300	SH		DFND		0	1,300	0
Thermo Fisher Scientific Inc.	COM	883556102	740,983	1,396	SH		DFND		0	1,396	0
Total Energies SE	COM	89151E109	691,588	10,264	SH		DFND		10,200	64	0
Tractor Supply Co.	COM	892356106	967,635	4,500	SH		DFND		3,200	1,300	0
Tronox Holdings PLC	COM	G9087Q102	17,178,744	1,213,188	SH		DFND		378,310	834,878	0
UnitedHealth Group	COM	91324P102	298,850	568	SH		DFND		0	568	0
Utilities Select Sector SPDR	COM	81369Y886	1,551,596	24,500	SH		DFND		8,100	16,400	0
Vanguard Dividend Appreciation Indx ETF	COM	921908844	3,940,265	23,124	SH		DFND		5,400	17,724	0
Vanguard FTSE All World Ex US ETF	COM	922042775	599,373	10,676	SH		DFND		0	10,676	0
Vanguard Growth Indx Fd ETF	COM	922908736	211,709	681	SH		DFND		0	681	0
Vanguard High Dividend Yield Index Fd ETF	COM	921946406	349,217	3,128	SH		DFND		0	3,128	0
Vanguard Index Fund ETF	COM	922908769	352,509	1,486	SH		DFND		0	1,486	0
Vanguard Intermediate Term Corp. Bond ETF	COM	92206C870	513,482	6,317	SH		DFND		0	6,317	0
Vanguard S&P 500 Indx Fd ETF	COM	922908363	464,486	1,063	SH		DFND		0	1,063	0
Visa Inc.	COM	92826C839	616,686	2,369	SH		DFND		0	2,369	0
Visteon Corp.	COM	92839U206	16,014,469	128,218	SH		DFND		39,259	88,959	0
Walmart, Inc.	COM	931142103	353,778	2,244	SH		DFND		0	2,244	0
Waste Management	COM	94106L109	412,574	2,304	SH		DFND		0	2,304	0
WisdomTree CBOE S&P 500 PutWrite Strategy	COM	97717X560	1,079,067	34,040	SH		DFND		0	34,040	0
WisdomTree US Mid-Cap Div Fund	COM	97717W505	3,571,179	78,161	SH		DFND		0	78,161	0
Zebra Technologies	COM	989207105	471,494	1,725	SH		DFND		0	1,725	0
Target Hospitality Corp.	COM	87615L107	1,459,500	150,000	SH	Call	DFND		150,000	0	0
Real Estate Select Sector SPDR Fund	COM	81369Y860	1,802,700	45,000	SH	Call	DFND		45,000	0	0
iShares Silver Trust	COM	46428Q109	1,481,040	68,000	SH	Call	DFND		68,000	0	0
Clorox Company	COM	189054109	855,540	6,000	SH	Put	DFND		6,000	0	0
SPDR Dow Jones Industrial Average ETF Trust	COM	78467X109	75,374	200	SH	Put	DFND		200	0	0
Intel Corporation	COM	458140100	2,512,500	50,000	SH	Put	DFND		50,000	0	0
iShares Russell 2000 ETF	COM	464287655	40,142	200	SH	Put	DFND		200	0	0
Perion Network Ltd	COM	M78673114	864,360	28,000	SH	Put	DFND		28,000	0	0
Pfizer Inc.	COM	717081103	1,022,045	35,500	SH	Put	DFND		35,500	0	0
PayPal Holdings, Inc.	COM	70450Y103	1,430,853	23,300	SH	Put	DFND		23,300	0	0
iShares Silver Trust	COM	46428Q109	1,481,040	68,000	SH	Put	DFND		68,000	0	0
Southern Company	COM	842587107	1,963,360	28,000	SH	Put	DFND		28,000	0	0
Direxion Daily Small Cap Bull 3x Shares	COM	25459W847	1,183,500	30,000	SH	Put	DFND		30,000	0	0
Real Estate Select Sector SPDR Fund	COM	81369Y860	1,802,700	45,000	SH	Put	DFND		45,000	0	0