Mill Road Capital Management LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Mill Road Capital Management LLC reported 22 stock positions worth $229.5 million. Its top holding was Alta Equipment (ALTG) at 17.3% of the portfolio, followed by Kimbell Royalty Partners (KRP, 12.9%) and Natural Gas Services (NGS, 7.8%). Compared with Q4 2023, it added to 6 and reduced 5. The biggest buy was Alta Equipment (ALTG, shares +30%) and the biggest sale Carriage Services (CSV, shares −82%).

Most Recent 13F
Q2 2026
Location
Greenwich, CT
CIK
0001512275
Portfolio Value
$229.5M (Q1 2024)
SEC Filing
0000950123-24-005386 ↗ filed May 15, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $229.5M $229.5M Q1 2024 Q2 2024: $187.2M Q2 2024 Q3 2024: $210.0M Q3 2024 Q4 2024: $207.9M Q4 2024 Q1 2025: $176.3M Q1 2025 Q2 2025: $155.9M Q2 2025 Q3 2025: $191.8M Q3 2025 Q4 2025: $168.1M Q4 2025 Q1 2026: $190.6M Q1 2026 Q2 2026: $202.5M Q2 2026

Holdings 22 stocks · $229.5M
ALTG Alta Equipment Group Inc. 17.26% 3,058,865 $39.6M Add +29.6%
KRP Kimbell Royalty Partners LP 12.94% 1,913,865 $29.7M Add +1.5%
NGS Natural Gas Services Group 7.80% 921,508 $17.9M No change
BXC Bluelinx Holdings Inc. 7.05% 124,274 $16.2M No change
MG Mistras Group Inc. 6.31% 1,514,901 $14.5M No change
NDLS Noodles & Co. 5.80% 6,965,291 $13.3M No change
SSUP Superior Industries Intl 5.54% 4,380,940 $12.7M No change
QNST Quinstreet Inc. 5.09% 660,805 $11.7M Add +13.3%
LCUT Lifetime Brands Inc. 4.87% 1,065,810 $11.2M Reduce -11.8%
LEGH Legacy Housing Corp. 4.83% 515,450 $11.1M Add +2.9%
PHLT Performant Healthcare Inc. 4.18% 3,261,675 $9.6M No change
SP SP Plus Corp. 3.95% 173,750 $9.1M Reduce -16.8%
LSEA Landsea Homes Corp. 2.90% 458,224 $6.7M Add +18.0%
TRUE Truecar Inc. 2.55% 1,723,800 $5.8M No change
BBCP Concrete Pumping Holdings Inc. 1.62% 469,469 $3.7M Add +205.1%
ACEL Accel Entertainment Inc. 1.54% 300,482 $3.5M No change
CNTY Century Casinos Inc. 1.51% 1,095,900 $3.5M No change
AGS Playags Inc. 1.35% 345,377 $3.1M No change
DLTH Duluth Holdings Inc. Class B 1.05% 493,553 $2.4M Reduce -5.0%
ALNT Allient Inc. 0.78% 50,000 $1.8M No change
CULP Culp Inc. 0.68% 324,669 $1.6M Reduce -44.6%
CSV Carriage Services Inc. 0.39% 32,900 $890K Reduce -81.7%
Other holdings (1): bonds, preferreds, convertibles and warrants · $605K (not counted above)
SecurityClassShares / PrincipalValueChange
INOTIV INC (NOTV 3.25 10/15/27) NOTE 3.250%10/1 · principal 1,000,000$605KNo change

Total filed on the 13F, all lines: $230.1M.

Portfolio Sells Q4 2023 → Q1 2024
CSV Carriage Services Inc. Reduce -81.7% 0.39% −1.67
SP SP Plus Corp. Reduce -16.8% 3.95% −0.94
CULP Culp Inc. Reduce -44.6% 0.68% −0.87
DLTH Duluth Holdings Inc. Class B Reduce -5.0% 1.05% −0.23
LCUT Lifetime Brands Inc. Reduce -11.8% 4.87% +1.16

Portfolio Buys Q4 2023 → Q1 2024
ALTG Alta Equipment Group Inc. Add +29.6% 17.26% +3.90
QNST Quinstreet Inc. Add +13.3% 5.09% +1.66
BBCP Concrete Pumping Holdings Inc. Add +205.1% 1.62% +1.04
LSEA Landsea Homes Corp. Add +18.0% 2.90% +0.57
KRP Kimbell Royalty Partners LP Add +1.5% 12.94% −0.04
LEGH Legacy Housing Corp. Add +2.9% 4.83% −0.95

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 22$202.5MMG, ALTG, GO, BZH, NVRI
Q1 2026 23$190.6MNVRI, MG, ALTG, GO, BZH
Q4 2025 22$168.1MNVRI, MG, ALTG, BZH, GO
Q3 2025 24$191.8MALTG, NVRI, PHLT, BZH, MG
Q2 2025 23$155.9MALTG, BZH, NVRI, MG, PHLT
Q1 2025 24$176.3MALTG, MG, LSEA, BZH, NVRI
Q4 2024 24$207.9MALTG, NGS, BZH, MG, LSEA
Q3 2024 23$210.0MALTG, KRP, MG, NGS, BXC
Q2 2024 20$187.2MALTG, KRP, NGS, SSUP, MG
Q1 2024 22$229.5MALTG, KRP, NGS, BXC, MG