Mill Road Capital Management LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Mill Road Capital Management LLC reported 24 stock positions worth $207.9 million. Its top holding was Alta Equipment (ALTG) at 13.4% of the portfolio, followed by Natural Gas Services (NGS, 10.2%) and Beazer Homes USA (BZH, 8.8%). Compared with Q3 2024, it opened 4 new positions, sold out of 3, added to 5 and reduced 5. The biggest buy was Beazer Homes USA (BZH, shares +81%) and the biggest sale Kimbell Royalty Partners (KRP, shares −27%).

Most Recent 13F
Q2 2026
Location
Greenwich, CT
CIK
0001512275
Portfolio Value
$207.9M (Q4 2024)
SEC Filing
0000950123-25-002414 ↗ filed Feb 14, 2025

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 Q3 2024 Q4 2024: $207.9M $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 24 stocks · $207.9M
ALTG Alta Equipment Group Inc. 13.43% 4,269,508 $27.9M Add +1.3%
NGS Natural Gas Services Group 10.22% 792,799 $21.2M Reduce -14.0%
BZH Beazer Homes USA Inc. 8.80% 666,058 $18.3M Add +81.0%
MG Mistras Group Inc. 7.52% 1,724,482 $15.6M Add +7.8%
LSEA Landsea Homes Corp. 7.43% 1,818,281 $15.4M Add +99.2%
KRP Kimbell Royalty Partners LP 7.12% 912,298 $14.8M Reduce -26.8%
NVRI Enviri Corp. 6.65% 1,795,131 $13.8M Add +82.6%
BXC Bluelinx Holdings Inc. 5.79% 117,864 $12.0M Reduce -17.2%
PHLT Performant Healthcare Inc. 4.74% 3,261,675 $9.9M No change
SSUP Superior Industries Intl 4.30% 4,380,940 $8.9M No change
QNST Quinstreet Inc. 4.03% 363,400 $8.4M Reduce -27.3%
BBCP Concrete Pumping Holdings Inc. 3.43% 1,070,405 $7.1M No change
TRUE Truecar Inc. 3.09% 1,723,800 $6.4M No change
LCUT Lifetime Brands Inc. 3.03% 1,065,810 $6.3M No change
FWRD Forward Air Corp. 1.98% 127,650 $4.1M New
NDLS Noodles & Co. 1.94% 6,965,291 $4.0M No change
CNTY Century Casinos Inc. 1.71% 1,095,900 $3.6M No change
ACEL Accel Entertainment Inc. 1.47% 285,485 $3.0M Reduce -5.0%
CULP Culp Inc. 0.92% 324,669 $1.9M No change
ATRO Astronics Corp. 0.73% 94,971 $1.5M New
ZIMV Zimvie Inc. 0.67% 100,453 $1.4M New
ALNT Allient Inc. 0.58% 50,000 $1.2M No change
ARHS Arhaus Inc. 0.22% 48,200 $453K New
MRC MRC Global Inc. 0.21% 34,300 $438K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $353K (not counted above)
SecurityClassShares / PrincipalValueChange
INOTIV INC (NOTV 3.25 10/15/27) NOTE 3.250%10/1 · principal 1,000,000$353KNo change

Total filed on the 13F, all lines: $208.2M.

Portfolio Sells Q3 2024 → Q4 2024
KRP Kimbell Royalty Partners LP Reduce -26.8% 7.12% −2.43
BXC Bluelinx Holdings Inc. Reduce -17.2% 5.79% −1.35
ASTE Astec Industries Inc. Sold out 0.00% −1.17
LEGH Legacy Housing Corp. Sold out 0.00% −0.75
QNST Quinstreet Inc. Reduce -27.3% 4.03% −0.52
ACEL Accel Entertainment Inc. Reduce -5.0% 1.47% −0.20
DLTH Duluth Holdings Inc. Class B Sold out 0.00% −0.17
NGS Natural Gas Services Group Reduce -14.0% 10.22% +1.83

Portfolio Buys Q3 2024 → Q4 2024
BZH Beazer Homes USA Inc. Add +81.0% 8.80% +2.81
LSEA Landsea Homes Corp. Add +99.2% 7.43% +2.06
FWRD Forward Air Corp. New 1.98% +1.98
NVRI Enviri Corp. Add +82.6% 6.65% +1.81
ATRO Astronics Corp. New 0.73% +0.73
ZIMV Zimvie Inc. New 0.67% +0.67
ARHS Arhaus Inc. New 0.22% +0.22
ALTG Alta Equipment Group Inc. Add +1.3% 13.43% −0.09
MG Mistras Group Inc. Add +7.8% 7.52% −1.14

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