Mill Road Capital Management LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Mill Road Capital Management LLC reported 20 stock positions worth $187.2 million. Its top holding was Alta Equipment (ALTG) at 15.3% of the portfolio, followed by Kimbell Royalty Partners (KRP, 13.0%) and Natural Gas Services (NGS, 9.9%). Compared with Q1 2024, it opened 1 new position, sold out of 3, added to 5 and reduced 3. The biggest buy was a new position in Beazer Homes USA (BZH) and the biggest sale an exit from SP Plus (SP).

Most Recent 13F
Q2 2026
Location
Greenwich, CT
CIK
0001512275
Portfolio Value
$187.2M (Q2 2024)
SEC Filing
0000950123-24-008486 ↗ filed Aug 14, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $229.5M Q1 2024 Q2 2024: $187.2M $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 20 stocks · $187.2M
ALTG Alta Equipment Group Inc. 15.30% 3,562,994 $28.6M Add +16.5%
KRP Kimbell Royalty Partners LP 13.03% 1,491,380 $24.4M Reduce -22.1%
NGS Natural Gas Services Group 9.90% 921,508 $18.5M No change
SSUP Superior Industries Intl 7.60% 4,380,940 $14.2M No change
MG Mistras Group Inc. 6.76% 1,527,120 $12.7M Add +0.8%
BXC Bluelinx Holdings Inc. 6.43% 129,274 $12.0M Add +4.0%
NDLS Noodles & Co. 5.88% 6,965,291 $11.0M No change
QNST Quinstreet Inc. 5.24% 590,805 $9.8M Reduce -10.6%
PHLT Performant Healthcare Inc. 5.05% 3,261,675 $9.5M No change
LCUT Lifetime Brands Inc. 4.89% 1,065,810 $9.2M No change
LSEA Landsea Homes Corp. 3.79% 772,071 $7.1M Add +68.5%
LEGH Legacy Housing Corp. 2.95% 240,650 $5.5M Reduce -53.3%
TRUE Truecar Inc. 2.88% 1,723,800 $5.4M No change
BZH Beazer Homes USA Inc. 2.86% 194,595 $5.3M New
BBCP Concrete Pumping Holdings Inc. 1.75% 544,026 $3.3M Add +15.9%
ACEL Accel Entertainment Inc. 1.65% 300,482 $3.1M No change
CNTY Century Casinos Inc. 1.62% 1,095,900 $3.0M No change
DLTH Duluth Holdings Inc. Class B 0.97% 493,553 $1.8M No change
CULP Culp Inc. 0.78% 324,669 $1.5M No change
ALNT Allient Inc. 0.67% 50,000 $1.3M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $487K (not counted above)
SecurityClassShares / PrincipalValueChange
INOTIV INC (NOTV 3.25 10/15/27) NOTE 3.250%10/1 · principal 1,000,000$487KNo change

Total filed on the 13F, all lines: $187.7M.

Portfolio Sells Q1 2024 → Q2 2024
SP SP Plus Corp. Sold out 0.00% −3.95
LEGH Legacy Housing Corp. Reduce -53.3% 2.95% −1.89
AGS Playags Inc. Sold out 0.00% −1.35
CSV Carriage Services Inc. Sold out 0.00% −0.39
KRP Kimbell Royalty Partners LP Reduce -22.1% 13.03% +0.09
QNST Quinstreet Inc. Reduce -10.6% 5.24% +0.15

Portfolio Buys Q1 2024 → Q2 2024
BZH Beazer Homes USA Inc. New 2.86% +2.86
LSEA Landsea Homes Corp. Add +68.5% 3.79% +0.89
MG Mistras Group Inc. Add +0.8% 6.76% +0.45
BBCP Concrete Pumping Holdings Inc. Add +15.9% 1.75% +0.13
BXC Bluelinx Holdings Inc. Add +4.0% 6.43% −0.63
ALTG Alta Equipment Group Inc. Add +16.5% 15.30% −1.96

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