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	257,416	2,519	SH		DFND		0	2,519	0
Abbvie Inc.	COM	00287Y109	258,406	1,507	SH		DFND		0	1,507	0
Accenture PLC	COM	G1151C101	343,460	1,132	SH		DFND		0	1,132	0
Adobe Systems Inc.	COM	00724F101	279,437	503	SH		DFND		0	503	0
AerSale Corp.	COM	00810F106	13,104,321	1,893,688	SH		DFND		1,080,842	812,846	0
Alphabet Inc. Cl A	COM	02079K305	6,370,504	34,974	SH		DFND		5,100	29,874	0
Alphabet Inc. Cl C	COM	02079K107	4,663,210	25,424	SH		DFND		0	25,424	0
Amazon.com	COM	023135106	1,420,581	7,351	SH		DFND		0	7,351	0
American Electric Power	COM	025537101	592,245	6,750	SH		DFND		6,400	350	0
Apple, Inc.	COM	037833100	3,995,872	18,972	SH		DFND		5,500	13,472	0
Asure Software Inc.	COM	04649U102	32,029,822	3,813,074	SH		DFND		1,402,590	2,410,484	0
Bank of America Corp.	COM	060505104	420,257	10,567	SH		DFND		0	10,567	0
Barrett Business Services	COM	068463108	41,304,369	1,260,432	SH		DFND		474,488	785,944	0
Berkshire Hathaway Inc. Cl B	COM	084670702	429,988	1,057	SH		DFND		0	1,057	0
BGC Group Inc	COM	088929104	22,817,032	2,749,040	SH		DFND		841,105	1,907,935	0
Blackrock Inc.	COM	09247X101	255,674	325	SH		DFND		0	325	0
Broadcom Inc.	COM	11135F101	216,798	135	SH		DFND		0	135	0
Campbell Soup Co.	COM	134429109	736,597	16,300	SH		DFND		16,000	300	0
CF Industries Holdings Inc.	COM	125269100	447,531	6,038	SH		DFND		5,800	238	0
Chevron Corporation	COM	166764100	2,809,807	17,963	SH		DFND		0	17,963	0
Clorox Co.	COM	189054109	1,078,113	7,900	SH		DFND		6,000	1,900	0
Compass Minerals International, Inc.	COM	20451N101	154,950	15,000	SH	Call	DFND		15,000	0	0
Consolidated Edison Inc.	COM	209115104	212,976	2,382	SH		DFND		0	2,382	0
Costco Wholesale Corporation	COM	22160K105	249,985	294	SH		DFND		0	294	0
Direxion Financial Bull 3X Shs	COM	25459Y694	555,445	5,500	SH		DFND		5,500	0	0
Direxion NASDAQ-100 Equal Weighted ETF	COM	25459Y207	324,641	3,658	SH		DFND		0	3,658	0
Dow Jones Indl Average SPDR ETF	COM	78467X109	469,356	1,200	SH		DFND		200	1,000	0
Duke Energy Corp.	COM	26441C204	429,344	4,284	SH		DFND		0	4,284	0
ECN Capital Corporation	COM	26829L107	22,933,487	18,645,111	SH		DFND		7,976,915	10,668,196	0
Energy Select Sector SPDR	COM	81369Y506	1,751,713	19,218	SH		DFND		11,500	7,718	0
Everi Holdings, Inc.	COM	30034T103	25,513,900	3,037,369	SH		DFND		1,009,036	2,028,333	0
Exxon Mobil Corp.	COM	30231G102	609,041	5,290	SH		DFND		0	5,290	0
Financials Select Sector SPDR	COM	81369Y605	545,271	13,264	SH		DFND		0	13,264	0
First Busey Corp.	COM	319383204	9,408,249	388,610	SH		DFND		99,708	288,902	0
First Northwest Bancorp	COM	335834107	7,558,249	780,005	SH		DFND		237,891	542,114	0
FirstEnergy Corp.	COM	337932107	574,050	15,000	SH		DFND		15,000	0	0
Harrow Inc.	COM	415858109	56,713,237	2,714,851	SH		DFND		1,028,671	1,686,180	0
Healthcare Select Sector SPDR	COM	81369Y209	641,683	4,403	SH		DFND		0	4,403	0
Highland Opportunities & Income Fund	COM	43010E404	374,375	59,900	SH		DFND		59,900	0	0
Home Depot Inc.	COM	437076102	1,055,318	3,066	SH		DFND		0	3,066	0
Honeywell International Inc.	COM	438516106	436,919	2,046	SH		DFND		0	2,046	0
IBEX LTD	COM	G4690M101	868,316	53,666	SH		DFND		12,987	40,679	0
Imax Corporation	COM	45245E109	21,706,652	1,294,374	SH		DFND		468,815	825,559	0
Information Services Group	COM	45675Y104	15,944,419	5,423,272	SH		DFND		1,611,193	3,812,079	0
International Business Machines Corp.	COM	459200101	2,175,178	12,577	SH		DFND		0	12,577	0
Invesco QQQ Trust Series 1	COM	46090E103	946,082	1,975	SH		DFND		0	1,975	0
Invesco S&P 100 Equal Weight ETF	COM	46137V449	850,675	9,002	SH		DFND		0	9,002	0
iShares Core MSCI Emerging Markets	COM	46434G103	330,823	6,180	SH		DFND		0	6,180	0
iShares Core MSCI Total Int'l Stock ETF	COM	46432F834	222,584	3,295	SH		DFND		0	3,295	0
iShares Core S&P 500	COM	464287200	2,105,322	3,847	SH		DFND		0	3,847	0
iShares Core S&P Mid Cap ETF	COM	464287507	2,368,107	40,467	SH		DFND		0	40,467	0
iShares Core S&P Small Cap ETF	COM	464287804	234,199	2,196	SH		DFND		0	2,196	0
iShares Core US Aggregate Bond ETF	COM	464287226	1,258,244	12,962	SH		DFND		0	12,962	0
iShares Russell 1000 Index Fund ETF	COM	464287622	210,792	708	SH		DFND		0	708	0
iShares Russell 2000 Index ETF	COM	464287655	421,403	2,077	SH		DFND		800	1,277	0
iShares Russell 2000 Index ETF	COM	464287655	40,578	200	SH	Put	DFND		200	0	0
Jefferies Financial Group Inc.	COM	47233W109	38,371,158	771,125	SH		DFND		280,370	490,755	0
JM Smucker Company	COM	832696405	331,264	3,038	SH		DFND		0	3,038	0
Johnson & Johnson	COM	478160104	258,867	1,771	SH		DFND		0	1,771	0
JP Morgan Chase & Co.	COM	46625H100	23,449,269	115,936	SH		DFND		0	115,936	0
JP Morgan Chase Fin'l Co LLC Alerian	COM	48133Q309	222,509	7,689	SH		DFND		0	7,689	0
Keurig Dr Pepper Inc	COM	49271V100	534,400	16,000	SH		DFND		14,500	1,500	0
KKR & Co. Inc. Cl A	COM	48251W104	43,632,143	414,597	SH		DFND		136,265	278,332	0
Lakeland Industries Inc.	COM	511795106	25,813,144	1,125,246	SH		DFND		395,332	729,914	0
Lantheus Holdings Inc.	COM	516544103	42,986,704	535,393	SH		DFND		187,873	347,520	0
Ligand Pharmaceuticals	COM	53220K504	11,333,391	134,505	SH		DFND		45,160	89,345	0
Lockheed Martin Corp.	COM	539830109	410,803	879	SH		DFND		0	879	0
Mastercard Incorporated	COM	57636Q104	1,430,555	3,243	SH		DFND		0	3,243	0
Merck & Co. Inc.	COM	58933Y105	206,051	1,664	SH		DFND		0	1,664	0
Meta Platforms, Inc.	COM	30303M102	776,007	1,539	SH		DFND		0	1,539	0
Microsoft Corp	COM	594918104	3,108,111	6,954	SH		DFND		1,900	5,054	0
Molson Coors Beverage Company	COM	60871R209	950,521	18,700	SH		DFND		12,500	6,200	0
Molson Coors Beverage Company	COM	60871R209	6,099,600	120,000	SH	Call	DFND		120,000	0	0
Motorcar Parts of America, Inc.	COM	620071100	16,544,257	2,681,403	SH		DFND		1,038,115	1,643,288	0
National Fuel Gas Co.	COM	636180101	1,246,370	23,000	SH		DFND		15,000	8,000	0
New York Community Bancorp Inc.	COM	649445400	49,097	15,248	SH		DFND		0	15,248	0
Newmont Corporation	COM	651639106	502,440	12,000	SH		DFND		12,000	0	0
NextEra Energy Inc.	COM	65339F101	577,220	8,152	SH		DFND		600	7,552	0
Northern Trust Corporation	COM	665859104	203,986	2,429	SH		DFND		0	2,429	0
Nutrien Ltd.	COM	67077M108	829,147	16,287	SH		DFND		16,000	287	0
Nvidia Corporation	COM	67066G104	551,585	4,465	SH		DFND		0	4,465	0
Palantir Technologies Inc.	COM	69608A108	1,512,473	59,711	SH		DFND		0	59,711	0
Paypal Holdings Inc.	COM	70450Y103	1,955,611	33,700	SH		DFND		30,000	3,700	0
PayPal Holdings, Inc.	COM	70450Y103	2,901,500	50,000	SH	Call	DFND		50,000	0	0
PayPal Holdings, Inc.	COM	70450Y103	957,495	16,500	SH	Put	DFND		16,500	0	0
Peabody Energy Corporation	COM	704551100	816,228	36,900	SH		DFND		35,000	1,900	0
Peabody Energy Corporation	COM	704551100	2,875,600	130,000	SH	Call	DFND		130,000	0	0
Pepsico, Inc.	COM	713448108	781,669	4,739	SH		DFND		4,000	739	0
Perion Network Ltd.	COM	M78673114	15,009,726	1,797,572	SH		DFND		669,295	1,128,277	0
Perion Network Ltd	COM	M78673114	167,000	20,000	SH	Call	DFND		20,000	0	0
Perion Network Ltd	COM	M78673114	233,800	28,000	SH	Put	DFND		28,000	0	0
Pfizer Inc.	COM	717081103	993,290	35,500	SH	Put	DFND		35,500	0	0
Pfizer, Inc.	COM	717081103	1,940,622	69,357	SH		DFND		67,500	1,857	0
Phillips 66	COM	718546104	1,081,872	7,664	SH		DFND		6,900	764	0
PowerFleet, Inc.	COM	73931J109	31,103,502	6,806,018	SH		DFND		3,096,809	3,709,209	0
ProShares S&P 500 Dividend Aristocrats	COM	74348A467	4,586,797	47,715	SH		DFND		7,000	40,715	0
Qualcomm, Inc.	COM	747525103	459,100	2,305	SH		DFND		2,000	305	0
Quest Diagnostics, Inc.	COM	74834L100	1,122,416	8,200	SH		DFND		6,000	2,200	0
QuinStreet, Inc.	COM	74874Q100	70,693,773	4,261,228	SH		DFND		1,549,333	2,711,895	0
Range Resources	COM	75281A109	620,305	18,500	SH		DFND		18,500	0	0
Raymond James Financial, Inc.	COM	754730109	7,826,614	63,317	SH		DFND		0	63,317	0
RealReal Inc.	COM	88339P101	76,560	24,000	SH		DFND		24,000	0	0
Revance Therapeutics, Inc.	COM	761330109	25,700	10,000	SH	Call	DFND		10,000	0	0
Schwab International Equity ETF	COM	808524805	1,470,427	38,272	SH		DFND		0	38,272	0
Schwab Strategic Tr Emerging Mkts Eqty ETF	COM	808524706	230,236	8,669	SH		DFND		0	8,669	0
Secure Energy Services Inc.	COM	81373C102	5,273,237	596,520	SH		DFND		190,935	405,585	0
Shell PLC Spon ADS	COM	780259305	651,369	9,024	SH		DFND		9,000	24	0
Shore Bancshares Inc	COM	825107105	2,815,795	245,921	SH		DFND		56,090	189,831	0
SmartFinancial Inc.	COM	83190L208	13,555,091	572,670	SH		DFND		182,470	390,200	0
Southern Co.	COM	842587107	940,289	12,122	SH		DFND		7,500	4,622	0
SPDR Dow Jones Industrial Average ETF Trust	COM	78467X109	78,226	200	SH	Put	DFND		200	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467Y107	206,006	385	SH		DFND		0	385	0
Standard & Poor's Depositary Receipts	COM	78462F103	5,161,965	9,485	SH		DFND		6,500	2,985	0
Stoneridge, Inc.	COM	86183P102	1,144,093	71,685	SH		DFND		0	71,685	0
StoneX Group Inc.	COM	861896108	31,147,990	413,597	SH		DFND		140,249	273,348	0
Synovus Financial Corp.	COM	87161C501	14,319,923	356,306	SH		DFND		85,516	270,790	0
Target Hospitality Corp.	COM	87615L107	46,831,832	5,376,789	SH		DFND		1,834,244	3,542,545	0
Target Hospitality Corp.	COM	87615L107	719,446	82,600	SH	Call	DFND		82,600	0	0
Target Hospitality Corp.	COM	87615L107	387,595	44,500	SH	Put	DFND		44,500	0	0
Technology Sector SPDR	COM	81369Y803	294,099	1,300	SH		DFND		0	1,300	0
The Trade Desk Inc.	COM	88339J105	248,277	2,542	SH		DFND		700	1,842	0
Thermo Fisher Scientific Inc.	COM	883556102	771,988	1,396	SH		DFND		0	1,396	0
Total Energies SE	COM	89151E109	684,404	10,264	SH		DFND		10,200	64	0
Tractor Supply Co.	COM	892356106	766,800	2,840	SH		DFND		2,700	140	0
Tronox Holdings PLC	COM	G9087Q102	18,102,716	1,153,774	SH		DFND		365,510	788,264	0
UnitedHealth Group	COM	91324P102	238,227	468	SH		DFND		0	468	0
Utilities Select Sector SPDR	COM	81369Y886	2,931,791	43,026	SH		DFND		13,000	30,026	0
Vanguard Dividend Appreciation Indx ETF	COM	921908844	4,026,416	22,057	SH		DFND		5,400	16,657	0
Vanguard FTSE All World Ex US ETF	COM	922042775	620,591	10,583	SH		DFND		0	10,583	0
Vanguard Growth Indx Fd ETF	COM	922908736	258,067	690	SH		DFND		0	690	0
Vanguard High Dividend Yield Index Fd ETF	COM	921946406	390,809	3,295	SH		DFND		0	3,295	0
Vanguard Index Fund ETF	COM	922908769	324,757	1,214	SH		DFND		0	1,214	0
Vanguard Intermediate Term Corp. Bond ETF	COM	92206C870	509,056	6,369	SH		DFND		0	6,369	0
Vanguard S&P 500 Indx Fd ETF	COM	922908363	472,465	945	SH		DFND		0	945	0
Visa Inc.	COM	92826C839	622,609	2,372	SH		DFND		0	2,372	0
Visteon Corp.	COM	92839U206	13,608,659	127,541	SH		DFND		39,359	88,182	0
Walgreens Boots Alliance, Inc.	COM	931427108	1,028,075	85,000	SH	Call	DFND		85,000	0	0
Walmart, Inc.	COM	931142103	433,317	6,400	SH		DFND		0	6,400	0
Waste Management	COM	94106L109	450,275	2,111	SH		DFND		0	2,111	0
WisdomTree CBOE S&P 500 PutWrite Strategy	COM	97717X560	1,625,223	48,718	SH		DFND		0	48,718	0
WisdomTree US Mid-Cap Div Fund	COM	97717W505	3,833,861	81,973	SH		DFND		0	81,973	0
Zebra Technologies	COM	989207105	532,904	1,725	SH		DFND		0	1,725	0