Mill Road Capital Management LLC In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Mill Road Capital Management LLC reported 22 stock positions worth $202.5 million . Its top holding was Mistras (MG) at 16.6% of the portfolio, followed by Alta Equipment (ALTG, 14.0% ) and Grocery Outlet (GO, 12.1% ). Compared with Q1 2026, it sold out of 1, added to 7 and reduced 6. The biggest buy was Grocery Outlet (GO, shares +4% ) and the biggest sale Enviri (NVRI, shares −67% ).
Location Greenwich, CT
CIK 0001512275
Portfolio Value $202.5M (Q2 2026) Holdings 22 stocks · $202.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 MG Mistras Group Inc. 1,929,509 $33.7M Add +3.1% ALTG Alta Equipment Group Inc. 4,373,208 $28.3M No change GO Grocery Outlet Holding Corp. 2,453,897 $24.5M Add +3.5% BZH Beazer Homes USA Inc. 841,235 $23.6M Add +0.4% NVRI Enviri Corp. 695,264 $15.3M Reduce -66.8% NDLS Noodles & Co. 870,660 $13.0M No change BWMN Bowman Consulting Group Ltd. 333,872 $9.7M Add +58.7% LCUT Lifetime Brands Inc. 1,004,646 $8.6M Reduce -5.7% BXC Bluelinx Holdings Inc. 134,964 $8.4M No change QNST Quinstreet Inc. 518,879 $7.6M No change MATW Matthews Intl Corp. Class A 204,615 $5.5M Add +18.5% BBCP Concrete Pumping Holdings Inc. 430,805 $5.2M No change ARHS Arhaus Inc. 526,900 $4.4M Add +30.4% FWRD Forward Air Corp. 292,250 $3.9M Add +28.9% CVEO Civeo Corp. 93,138 $3.3M Reduce -8.4% KRP Kimbell Royalty Partners LP 215,495 $3.1M Reduce -2.6% CNTY Century Casinos Inc. 1,095,900 $1.4M No change CULP Culp Inc. 324,669 $1.0M No change RSVR Reservoir Media Inc. 89,858 $889K Reduce -84.0% PZZA Papa John's Intl Inc. 16,400 $603K Reduce -48.6% BLBD Blue Bird Corp. 5,800 $458K No change AIOT Powerfleet Inc. 15,100 $58K No change
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ NVRI Enviri Corp. Reduce -66.8% 7.54% −13.99 RSVR Reservoir Media Inc. Reduce -84.0% 0.44% −2.44 PLAB Photronics Inc. Sold out 0.00% −1.70 PZZA Papa John's Intl Inc. Reduce -48.6% 0.30% −0.24 KRP Kimbell Royalty Partners LP Reduce -2.6% 1.55% −0.13 CVEO Civeo Corp. Reduce -8.4% 1.61% +0.20 LCUT Lifetime Brands Inc. Reduce -5.7% 4.23% +1.02
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ GO Grocery Outlet Holding Corp. Add +3.5% 12.09% +3.32 BZH Beazer Homes USA Inc. Add +0.4% 11.65% +3.19 MG Mistras Group Inc. Add +3.1% 16.64% +2.14 BWMN Bowman Consulting Group Ltd. Add +58.7% 4.81% +1.68 ARHS Arhaus Inc. Add +30.4% 2.19% +0.75 MATW Matthews Intl Corp. Class A Add +18.5% 2.72% +0.38 FWRD Forward Air Corp. Add +28.9% 1.95% −0.04
Notes & Other Activity Q1 2026 → Q2 2026 Security Class Change vs Q1 2026 Shares / Principal Value ▼ INOTIV INC (NOTV 3.25 10/15/27) NOTE 3.250%10/1 · principal Sold out 1,000,000 $235Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 22 $202.5M MG, ALTG, GO, BZH, NVRI Q1 2026 23 $190.6M NVRI, MG, ALTG, GO, BZH Q4 2025 22 $168.1M NVRI, MG, ALTG, BZH, GO Q3 2025 24 $191.8M ALTG, NVRI, PHLT, BZH, MG Q2 2025 23 $155.9M ALTG, BZH, NVRI, MG, PHLT Q1 2025 24 $176.3M ALTG, MG, LSEA, BZH, NVRI Q4 2024 24 $207.9M ALTG, NGS, BZH, MG, LSEA Q3 2024 23 $210.0M ALTG, KRP, MG, NGS, BXC Q2 2024 20 $187.2M ALTG, KRP, NGS, SSUP, MG Q1 2024 22 $229.5M ALTG, KRP, NGS, BXC, MG