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	4,224,924	18,133	SH		DFND		5,500	12,633	0
Abbvie Inc.	COM	00287Y109	297,542	1,507	SH		DFND		0	1,507	0
Accenture PLC	COM	G1151C101	407,562	1,153	SH		DFND		0	1,153	0
Adobe Systems Inc.	COM	00724F101	260,443	503	SH		DFND		0	503	0
American Electric Power	COM	025537101	692,550	6,750	SH		DFND		6,400	350	0
iShares Core US Aggregate Bond ETF	COM	464287226	1,326,937	13,103	SH		DFND		0	13,103	0
PowerFleet, Inc.	COM	73931J109	33,937,915	6,787,583	SH		DFND		3,096,809	3,690,774	0
JP Morgan Chase Fin'l Co LLC Alerian	COM	48133Q309	220,947	7,763	SH		DFND		0	7,763	0
Amazon.com	COM	023135106	1,463,249	7,853	SH		DFND		900	6,953	0
AerSale Corp.	COM	00810F106	9,455,595	1,872,395	SH		DFND		1,027,863	844,532	0
AerSale Corp.	COM	00810F106	113,625	22,500	SH	Call	DFND		22,500	0	0
Asure Software Inc.	COM	04649U102	33,905,807	3,746,498	SH		DFND		1,363,316	2,383,182	0
Broadcom Inc.	COM	11135F101	244,751	1,419	SH		DFND		0	1,419	0
Bank of America Corp.	COM	060505104	357,068	8,999	SH		DFND		0	8,999	0
Barrett Business Services	COM	068463108	43,995,456	1,172,899	SH		DFND		429,115	743,784	0
BGC Group Inc	COM	088929104	24,966,479	2,719,660	SH		DFND		841,105	1,878,555	0
Blackrock Inc.	COM	09290D101	308,344	325	SH		DFND		0	325	0
Peabody Energy Corp	COM	704551100	952,786	35,900	SH		DFND		34,000	1,900	0
CF Industries Holdings Inc.	COM	125269100	792,737	9,239	SH		DFND		9,000	239	0
Clorox Co.	COM	189054109	1,286,989	7,900	SH		DFND		6,000	1,900	0
Compass Minerals International, Inc.	COM	20451N101	480,800	40,000	SH		DFND		40,000	0	0
Compass Minerals International, Inc.	COM	20451N101	1,208,010	100,500	SH	Call	DFND		100,500	0	0
Costco Wholesale Corporation	COM	22160K105	267,072	301	SH		DFND		0	301	0
Campbell Soup Co.	COM	134429109	800,330	16,300	SH		DFND		16,000	300	0
Campbell Soup Co.	COM	134429109	1,956,800	40,000	SH	Call	DFND		40,000	0	0
Chevron Corporation	COM	166764100	2,737,395	18,588	SH		DFND		0	18,588	0
Quest Diagnostics, Inc.	COM	74834L100	1,350,675	8,700	SH		DFND		6,500	2,200	0
Dow Jones Indl Average SPDR ETF	COM	78467X109	507,744	1,200	SH		DFND		200	1,000	0
Dow Jones Indl Average SPDR ETF	COM	78467X109	84,624	200	SH	Put	DFND		200	0	0
WisdomTree US Mid-Cap Div Fund	COM	97717W505	4,088,751	79,968	SH		DFND		0	79,968	0
Duke Energy Corp.	COM	26441C204	315,623	2,737	SH		DFND		0	2,737	0
ECN Capital Corporation	COM	26829L107	30,216,349	18,368,601	SH		DFND		6,902,840	11,465,761	0
Invesco S&P 100 Equal Weight ETF	COM	46137V449	906,448	8,859	SH		DFND		0	8,859	0
Everi Holdings, Inc.	COM	30034T103	31,262,360	2,379,175	SH		DFND		779,641	1,599,534	0
Direxion Financial Bull 3X Shs	COM	25459Y694	713,845	5,500	SH		DFND		5,500	0	0
FirstEnergy Corp.	COM	337932107	696,295	15,700	SH		DFND		15,700	0	0
First Northwest Bancorp	COM	335834107	7,265,322	679,002	SH		DFND		234,591	444,411	0
GE Vernova Inc.	COM	36828A101	5,099,600	20,000	SH	Put	DFND		20,000	0	0
Alphabet Inc. Cl C	COM	02079K107	4,150,157	24,823	SH		DFND		0	24,823	0
Alphabet Inc. Cl A	COM	02079K305	7,354,286	44,343	SH		DFND		15,700	28,643	0
Alphabet Inc. Class A	COM	02079K305	1,658,500	10,000	SH	Put	DFND		10,000	0	0
Home Depot Inc.	COM	437076102	1,230,839	3,038	SH		DFND		0	3,038	0
H&E Equipment Services Inc	COM	404030108	1,285,152	26,400	SH		DFND		18,800	7,600	0
Highland Opportunities & Income Fund	COM	43010E404	367,187	59,900	SH		DFND		59,900	0	0
Highland Opportunities & Income Fund	PFD	43010E503	430,006	23,134	SH		DFND		23,134	0	0
Honeywell International Inc.	COM	438516106	422,944	2,046	SH		DFND		0	2,046	0
Helmerich & Payne	COM	423452101	1,095,120	36,000	SH		DFND		28,000	8,000	0
Harrow Inc.	COM	415858109	97,279,098	2,163,681	SH		DFND		771,166	1,392,515	0
International Business Machines Corp.	COM	459200101	2,780,505	12,577	SH		DFND		0	12,577	0
iShares Core MSCI Emerging Markets	COM	46434G103	354,802	6,180	SH		DFND		0	6,180	0
Information Services Group	COM	45675Y104	18,421,962	5,582,413	SH		DFND		1,703,465	3,878,948	0
iShares Core S&P Mid Cap ETF	COM	464287507	2,612,201	41,916	SH		DFND		0	41,916	0
iShares Core S&P Small Cap ETF	COM	464287804	256,815	2,196	SH		DFND		0	2,196	0
Imax Corporation	COM	45245E109	4,801,494	234,105	SH		DFND		220,610	13,495	0
Intel Corporation	COM	458140100	821,100	35,000	SH	Call	DFND		35,000	0	0
iShares Core S&P 500	COM	464287200	2,527,369	4,382	SH		DFND		0	4,382	0
iShares Russell 1000 Index Fund ETF	COM	464287622	222,730	708	SH		DFND		0	708	0
iShares Russell 2000 Index ETF	COM	464287655	547,145	2,477	SH		DFND		1,200	1,277	0
iShares Russell 2000 ETF	COM	464287655	44,178	200	SH	Put	DFND		200	0	0
Russell 3000 Index I Shares	COM	464287689	198,325	607	SH		DFND		0	607	0
iShares Core MSCI Total Int'l Stock ETF	COM	46432F834	236,310	3,254	SH		DFND		0	3,254	0
Jefferies Financial Group Inc.	COM	47233W109	35,823,612	582,025	SH		DFND		204,245	377,780	0
Johnson & Johnson	COM	478160104	212,886	1,314	SH		DFND		0	1,314	0
JP Morgan Chase & Co.	COM	46625H100	24,249,577	115,003	SH		DFND		400	114,603	0
Keurig Dr Pepper Inc	COM	49271V100	524,720	14,000	SH		DFND		12,500	1,500	0
KKR & Co. Inc. Cl A	COM	48251W104	44,246,585	338,847	SH		DFND		110,755	228,092	0
Lakeland Industries Inc.	COM	511795106	20,166,310	1,003,299	SH		DFND		349,107	654,192	0
Ligand Pharmaceuticals	COM	53220K504	13,400,049	133,880	SH		DFND		45,160	88,720	0
Lockheed Martin Corp.	COM	539830109	522,348	894	SH		DFND		0	894	0
Lantheus Holdings Inc.	COM	516544103	56,786,626	517,418	SH		DFND		177,123	340,295	0
LYFT Inc	COM	55087P104	159,375	12,500	SH		DFND		12,500	0	0
Mastercard Incorporated	COM	57636Q104	1,451,887	2,940	SH		DFND		0	2,940	0
SPDR S&P MidCap 400 ETF Trust	COM	78467Y107	219,319	385	SH		DFND		0	385	0
Meta Platforms, Inc.	COM	30303M102	891,308	1,557	SH		DFND		0	1,557	0
Motorcar Parts of America, Inc.	COM	620071100	19,473,795	2,635,155	SH		DFND		910,145	1,725,010	0
Microsoft Corp	COM	594918104	2,747,967	6,386	SH		DFND		2,200	4,186	0
National Fuel Gas Co.	COM	636180101	1,181,895	19,500	SH		DFND		16,200	3,300	0
ProShares S&P 500 Dividend Aristocrats	COM	74348A467	5,018,103	47,004	SH		DFND		7,000	40,004	0
Nutrien Ltd.	COM	67077M108	1,140,778	23,737	SH		DFND		23,450	287	0
Nvidia Corporation	COM	67066G104	254,417	2,095	SH		DFND		0	2,095	0
Perion Network Ltd.	COM	M78673114	18,815,864	2,387,800	SH		DFND		872,815	1,514,985	0
Pfizer Inc.	COM	717081103	2,111,700	72,968	SH		DFND		71,100	1,868	0
Pfizer Inc.	COM	717081103	1,027,370	35,500	SH	Put	DFND		35,500	0	0
Palantir Technologies Inc.	COM	69608A108	2,242,815	60,291	SH		DFND		0	60,291	0
Phillips 66	COM	718546104	1,156,035	8,794	SH		DFND		8,000	794	0
WisdomTree CBOE S&P 500 PutWrite Strategy	COM	97717X560	1,608,285	48,589	SH		DFND		0	48,589	0
Paypal Holdings Inc.	COM	70450Y103	1,459,161	18,700	SH		DFND		15,000	3,700	0
Qualcomm, Inc.	COM	747525103	391,957	2,305	SH		DFND		2,000	305	0
QuinStreet, Inc.	COM	74874Q100	78,313,418	4,093,749	SH		DFND		1,449,489	2,644,260	0
Invesco QQQ Trust Series 1	COM	46090E103	964,038	1,975	SH		DFND		0	1,975	0
Direxion NASDAQ-100 Equal Weighted ETF	COM	25459Y207	351,550	3,897	SH		DFND		0	3,897	0
RealReal Inc.	COM	88339P101	75,360	24,000	SH		DFND		24,000	0	0
Raymond James Financial, Inc.	COM	754730109	7,333,517	59,885	SH		DFND		0	59,885	0
Range Resources	COM	75281A109	645,960	21,000	SH		DFND		21,000	0	0
Revance Therapeutics, Inc.	COM	761330109	51,900	10,000	SH	Call	DFND		10,000	0	0
Schwab Strategic Tr Emerging Mkts Eqty ETF	COM	808524706	296,185	10,150	SH		DFND		0	10,150	0
Schwab International Equity ETF	COM	808524805	1,605,305	39,040	SH		DFND		0	39,040	0
Vivid Seats Inc.	COM	92854T100	13,186,893	3,564,025	SH		DFND		1,175,805	2,388,220	0
Vivid Seats Inc.	COM	92854T100	231,250	62,500	SH	Call	DFND		62,500	0	0
Secure Energy Services Inc.	COM	81373C102	14,268,258	1,580,095	SH		DFND		384,380	1,195,715	0
Shore Bancshares Inc	COM	825107105	3,386,937	242,097	SH		DFND		56,090	186,007	0
Shell PLC Spon ADS	COM	780259305	692,475	10,500	SH		DFND		10,500	0	0
JM Smucker Company	COM	832696405	464,782	3,838	SH		DFND		800	3,038	0
SmartFinancial Inc.	COM	83190L208	16,252,680	557,745	SH		DFND		179,480	378,265	0
StoneX Group Inc.	COM	861896108	24,268,659	296,393	SH		DFND		97,402	198,991	0
Synovus Financial Corp.	COM	87161C501	13,600,866	305,844	SH		DFND		83,016	222,828	0
Southern Co.	COM	842587107	732,425	8,122	SH		DFND		7,500	622	0
Standard & Poor's Depositary Receipts	COM	78462F103	5,446,189	9,492	SH		DFND		6,500	2,992	0
Molson Coors Beverage Company Class B	COM	60871R209	1,179,160	20,500	SH		DFND		14,300	6,200	0
Molson Coors Beverage Company Class B	COM	60871R209	1,150,400	20,000	SH	Call	DFND		20,000	0	0
Target Hospitality Corp.	COM	87615L107	39,831,554	5,119,737	SH		DFND		1,628,292	3,491,445	0
Target Hospitality Corp.	COM	87615L107	641,850	82,500	SH	Call	DFND		82,500	0	0
Thermo Fisher Scientific Inc.	COM	883556102	863,524	1,396	SH		DFND		0	1,396	0
Tronox Holdings PLC	COM	G9087Q102	16,989,880	1,161,304	SH		DFND		365,510	795,794	0
Tractor Supply Co.	COM	892356106	826,241	2,840	SH		DFND		2,700	140	0
The Trade Desk Inc.	COM	88339J105	278,730	2,542	SH		DFND		700	1,842	0
Total Energies SE	COM	89151E109	1,115,600	17,264	SH		DFND		17,000	264	0
UnitedHealth Group	COM	91324P102	273,809	468	SH		DFND		0	468	0
Visa Inc.	COM	92826C839	207,460	755	SH		DFND		0	755	0
Visteon Corp.	COM	92839U206	11,318,257	118,839	SH		DFND		31,739	87,100	0
Vanguard Intermediate Term Corp. Bond ETF	COM	92206C870	537,847	6,422	SH		DFND		0	6,422	0
Vanguard FTSE All World Ex US ETF	COM	922042775	663,580	10,533	SH		DFND		0	10,533	0
Vanguard Dividend Appreciation Indx ETF	COM	921908844	4,290,532	21,663	SH		DFND		5,400	16,263	0
Vanguard S&P 500 Indx Fd ETF	COM	922908363	488,105	925	SH		DFND		0	925	0
Vanguard Index Fund ETF	COM	922908769	343,756	1,214	SH		DFND		0	1,214	0
Vanguard Growth Indx Fd ETF	COM	922908736	257,233	670	SH		DFND		0	670	0
Vanguard High Dividend Yield Index Fd ETF	COM	921946406	425,559	3,319	SH		DFND		0	3,319	0
Waste Management	COM	94106L109	438,160	2,111	SH		DFND		0	2,111	0
Walmart, Inc.	COM	931142103	445,086	5,512	SH		DFND		0	5,512	0
Energy Select Sector SPDR Fund	COM	81369Y506	1,688,753	19,234	SH		DFND		11,500	7,734	0
Energy Select Sector SPDR Fund	COM	81369Y506	2,765,700	31,500	SH	Call	DFND		31,500	0	0
Energy Select Sector SPDR Fund	COM	81369Y506	2,765,700	31,500	SH	Put	DFND		31,500	0	0
Financials Select Sector SPDR	COM	81369Y605	601,920	13,282	SH		DFND		0	13,282	0
Technology Sector SPDR	COM	81369Y803	293,488	1,300	SH		DFND		0	1,300	0
Utilities Select Sector SPDR	COM	81369Y886	2,763,353	34,208	SH		DFND		4,100	30,108	0
Healthcare Select Sector SPDR	COM	81369Y209	678,807	4,407	SH		DFND		0	4,407	0
Exxon Mobil Corp.	COM	30231G102	480,046	4,095	SH		DFND		0	4,095	0
Zebra Technologies	COM	989207105	638,802	1,725	SH		DFND		0	1,725	0