Mill Road Capital Management LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Mill Road Capital Management LLC reported 23 stock positions worth $210.0 million. Its top holding was Alta Equipment (ALTG) at 13.5% of the portfolio, followed by Kimbell Royalty Partners (KRP, 9.6%) and Mistras (MG, 8.7%). Compared with Q2 2024, it opened 3 new positions, added to 6 and reduced 4. The biggest buy was a new position in Enviri (NVRI) and the biggest sale Kimbell Royalty Partners (KRP, shares −16%).

Most Recent 13F
Q2 2026
Location
Greenwich, CT
CIK
0001512275
Portfolio Value
$210.0M (Q3 2024)
SEC Filing
0000950123-24-011561 ↗ filed Nov 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 Q2 2024 Q3 2024: $210.0M $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 23 stocks · $210.0M
ALTG Alta Equipment Group Inc. 13.52% 4,213,208 $28.4M Add +18.3%
KRP Kimbell Royalty Partners LP 9.55% 1,246,477 $20.1M Reduce -16.4%
MG Mistras Group Inc. 8.66% 1,599,145 $18.2M Add +4.7%
NGS Natural Gas Services Group 8.39% 921,508 $17.6M No change
BXC Bluelinx Holdings Inc. 7.14% 142,297 $15.0M Add +10.1%
SSUP Superior Industries Intl 6.34% 4,380,940 $13.3M No change
BZH Beazer Homes USA Inc. 5.99% 368,069 $12.6M Add +89.2%
PHLT Performant Healthcare Inc. 5.81% 3,261,675 $12.2M No change
LSEA Landsea Homes Corp. 5.37% 912,857 $11.3M Add +18.2%
NVRI Enviri Corp. 4.84% 983,272 $10.2M New
QNST Quinstreet Inc. 4.55% 499,505 $9.6M Reduce -15.4%
NDLS Noodles & Co. 3.98% 6,965,291 $8.4M No change
LCUT Lifetime Brands Inc. 3.32% 1,065,810 $7.0M No change
BBCP Concrete Pumping Holdings Inc. 2.95% 1,070,405 $6.2M Add +96.8%
TRUE Truecar Inc. 2.83% 1,723,800 $5.9M No change
ACEL Accel Entertainment Inc. 1.66% 300,482 $3.5M No change
CNTY Century Casinos Inc. 1.34% 1,095,900 $2.8M No change
ASTE Astec Industries Inc. 1.17% 77,240 $2.5M New
CULP Culp Inc. 1.01% 324,669 $2.1M No change
LEGH Legacy Housing Corp. 0.75% 57,250 $1.6M Reduce -76.2%
ALNT Allient Inc. 0.45% 50,000 $950K No change
MRC MRC Global Inc. 0.21% 34,300 $437K New
DLTH Duluth Holdings Inc. Class B 0.17% 93,019 $350K Reduce -81.2%
Other holdings (1): bonds, preferreds, convertibles and warrants · $253K (not counted above)
SecurityClassShares / PrincipalValueChange
INOTIV INC (NOTV 3.25 10/15/27) NOTE 3.250%10/1 · principal 1,000,000$253KNo change

Total filed on the 13F, all lines: $210.3M.

Portfolio Sells Q2 2024 → Q3 2024
KRP Kimbell Royalty Partners LP Reduce -16.4% 9.55% −3.48
LEGH Legacy Housing Corp. Reduce -76.2% 0.75% −2.20
DLTH Duluth Holdings Inc. Class B Reduce -81.2% 0.17% −0.81
QNST Quinstreet Inc. Reduce -15.4% 4.55% −0.68

Portfolio Buys Q2 2024 → Q3 2024
NVRI Enviri Corp. New 4.84% +4.84
BZH Beazer Homes USA Inc. Add +89.2% 5.99% +3.13
MG Mistras Group Inc. Add +4.7% 8.66% +1.90
LSEA Landsea Homes Corp. Add +18.2% 5.37% +1.58
BBCP Concrete Pumping Holdings Inc. Add +96.8% 2.95% +1.20
ASTE Astec Industries Inc. New 1.17% +1.17
BXC Bluelinx Holdings Inc. Add +10.1% 7.14% +0.72
MRC MRC Global Inc. New 0.21% +0.21
ALTG Alta Equipment Group Inc. Add +18.3% 13.52% −1.78

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